I had transferred $200 (Rs.9,055.80) in my SBI bank account to India from PayPal on 9th February, 2010. Almost about one month after on 5th March, 2010 the money reversed to my PayPal account.
We all had been suffered from this problem almost for last one month. No transaction was completed from PayPal to our local Indian bank. After 5th March, 2010 I checked my PayPal account again and it was activated. Before it, there were only two options for the month – “Credit Cards withdraw” and “Request a check from PayPal”.
About this problem, PayPal has sent a mail to me, “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.” The statement was published on PayPal official blog also.
Now, to withdraw PayPal money to your local bank account in India, choose an “Export Code” that would show the “Purpose of withdrawal”.
PayPal writes about the purpose selection, “You are required to select a purpose for funds withdrawal. Based on Indian laws and regulations, all proceeds from exports must be declared to your local (Indian) bank. Your may also be requested to furnish supporting documentation (sales invoice, shipping documents, etc.) related to exports by your bank. Currently, PayPal only facilitates transactions involving sale or export of goods and services.” So, it is clear that your all transaction will be seen as the transactions of “sale or export of goods and services”. “The selected purpose will appear as a code on your bank account statement along with the description.” So, you will be able to see your all transaction in your bank account statement.
PayPal blog asks us, “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.”
What is the cause of adding one more filed on PayPal to withdraw money to Indian local bank? Yes, thing is very clear now. Our government wants to know the purpose of all transactions to Indian bank.
At last, I am very relaxed now seeing my money to the PayPal account. This was really very frustrating situation for me.
Sat, Mar 6, 2010
Movies