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PayPal To Resume India Payments By 3rd March; Export Code Needed

Update: (March 2nd): It appears that Paypal will no longer require an Export Code, but a 'Purpose Code. Much easier, this way. Read the update here. Earlier (Feb 27th): The Reserve Bank of India has allowed Paypal to continue local bank withdrawals for settlements for exports of goods and services, Paypal has announced. The online payment and wallet service expects that users involved in export of goods and services should be able to use their that bank withdrawal service by March 3rd, after it has complied with the Indian regulations. For personal remittances, it will have to apply for approvals, which are likely to take time. These developments are along expected lines. Among the changes being made, is that users will have to enter an Export Code when a withdrawal is requested, which indicate that the transactions will be cross-border merchant transactions, and not P2P money transfer. Personal payments will be suspended until approvals are received. It's unlikely that many Indian companies using Paypal have an Export Code, so a majority of individual developers and startups will not be able to withdraw money to their bank account from Paypal. More details are expected from Paypal by March 1st (a holiday in India on account of Holi). Paypal is trying to put a positive spin on the limited approval it's received: "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." Read a related post on the PayPal blog…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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