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Indians are having tough time with PayPal. First it blocked transaction to and from India due to RBI Guidelines. That was not all; Indian users were then not allowed to do withdrawals to their local banks. But now PayPal is resuming local bank withdrawals to India which sounds like quite a relief.

Farhad Irani from PayPal wrote -

I’m pleased to tell you that the RBI has now allowed us to resume 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, we will be able to resume the 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. I will be posting another blog then.

This will surely help people who have been waiting to withdraw their money to local banks. But then the main question of when will personal payments be turned back on is still unanswered. In fact, even Xoom stopped accepting PayPal for transactions to India due to RBI Guidelines. We hope that this issue gets resolve soon for the Indians to enjoy the service!

Update: New Bank Withdrawal Instructions for Paypal Customers in India

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