Now I need import-export code to sell WSOs via PayPal? Duh!

6 replies
Looks like receiving payments to Indian paypal accounts is going to be difficult. There is going to be so much red tape from this point on. I received this email from paypal today:

Dear XXXX,

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.

www.thepaypalblog.com

We thank you for your business and for your patience during
the past few weeks.

Sincerely,

PayPal
#code #duh #importexport #paypal #sell #wsos
  • Originally Posted by Sandeep Shah View Post

    ... There is going to be so much red tape from this point on....
    Sandeep,

    Could you please explain the "red tape" part? I am happy that we are able to use paypal again. But I am curious to know why you think this isn't a great news?
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  • Profile picture of the author ientrepreneur
    Its not a hard task to get IEC code. Check How to Get an 'Exporter Code' for Indian Paypal account - Explained! - MoneyFellas for more details on getting IEC!
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  • Profile picture of the author Karan Goel
    Is the IEC for Business accounts only? Or for premiere accounts too?

    Karan
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    • Profile picture of the author vkr101
      BTW, eLagaan.com has some detailed instructions and information about the IEC code take a look . They also provide a service to get you your IEC code.
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  • Profile picture of the author InternetM39482
    Hmm, the current information on the whole 'export code' thing is a bit vague. I think it's better to wait till tomorrow for things to become clear.

    On another forum, I read Paypal is gonna supply the account holders with the code that they need. I don't know if that's true or not but if it is then it's probably going to be easy to get the code. If we've to go through the whole application process, etc, then considering the volume they (RBI) are gonna get in the next couple of weeks, it might not be easy, or fast, to get your export code.
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  • Profile picture of the author Sandeep Shah
    Hmm, any updates? Its March 3rd!
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