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PayPal might get green signal from RBI for withdrawals
By siliconindia   |   Tuesday, 02 March 2010, 15:13 IST   |    11 Comments
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PayPal might get green signal from RBI for withdrawals
Bangalore: Personal payment is still not an option for Indian users of Paypal, but PayPal confirmed late last week that the Reserve Bank of India had given it the go ahead to restart bank withdrawals in the country 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," said Farhad Irani, company's Asia-Pacific Head, in a PayPal blog post, according to The Register. Irani however said that personal payment will still be switched off. Explaining how the new regulation will work he said, "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." Irani said that Paypal is working hard to resolve the problem. "We know the past few weeks have been difficult and I would like to assure you that we have been working tirelessly to resolve the situation and restore our service. PayPal's highest priority is to always ensure we comply with all applicable regulations everywhere we do business around the world," he said.

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