After a long time, finally Indians got a good news from paypal. The personal Account is sill banned by paypal in india but now Paypal Resumed Local Bank Withdrawals In India. Now all indians can transfer their money from their paypal account to their local bank. This is the mail which I got from the paypal regarding the resuming of the bank withdrawal
We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who depend on PayPal to sell their goods or services in the global marketplace. Today, we are happy to announce that the RBI has allowed us to continue local bank withdrawals for settlements for exports of goods and services. We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that, as of Wednesday, March 3rd, customers will be able to use our bank withdrawal service.As part of the changes, you will be required to fill out a new field entitled 'Export Code' when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions. On Monday, March 1st, we will be back in touch with specific instructions on how you can move your money into your bank account. Moving forward, the RBI has told us that PayPal needs specific approvals to allow personal remittances to India, which we currently do not have. Until we get these approvals, personal payments into India will remain suspended. However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services. In fact, with the changes we are making to our system, PayPal is now set to be a more powerful engine for exporters in India. With purpose codes for export transactions and FIRCs (Foreign Inward Remittance Certificates), you should now be able to get the export related benefits you seek. You can check the PayPal blog for additional updates.
We thank you for your business and for your patience during
the past few weeks.
On March 4, this news has been confirmed and posted on the Paypal Blog. But the problem is not solved yet. The new option is added to withdrawing the money, called as "Purpose Code".
This is what posted on paypal blog :-
When you select the ‘Withdraw Funds’ option on your PayPal account, we will ask you to fill out a new field entitled ‘Purpose Code’. This information is required under the laws of India in order to identify the nature of cross-border merchant transactions. Simply select the one most appropriate for your business. More details on purpose codes can be found hereKeep Visiting here for more updates and visit Paypal Blog