Thursday, March 4, 2010

Paypal India - Bank withdrawal issue resolved

Paypal after a struggle for more than 2 months finally settled up things with RBI and made arrangements for bank withdrawal to local Indian banks. Previously Paypal had promised its customer to restore bank withdrawal to be back to normal by March 3rd. And today i.e, on March 4th Paypal withdraw options comes with a form requesting for purpose code during withdrawal of money to Local Indian Banks. Experience of previous transfer to bank and reversals now its quite hard to believe that this time it would work fine. But still lets all hope for the best, and I just initiated withdrawal from my Paypal account to Local Bank, and as usual received a email from paypal promising that the money would be credited to my bank account by March 11th. Personal remittance is still a question even after all the time delay. Anyway for now I am atleast happy that things with online business is getting back to track. I will update regarding my withdrawal or anyother new regarding this issue later.

4 comments:

Anonymous said...

The funds has been credited in your bank account or not? but mine still it is not! please reply me.

Vijay said...

Yeah,. I've received my funds to Indian bank,. its working fine now.

Anonymous said...

Thank you Vijay. Your information relaxed me a lot.
If you can post a paragraph on Purpose code, the new validation check then it would be great.
With Best wishes!!!

Vijay said...

Hi,. purpose code is not required to be remembered,. there will be a option while withdrawal asking purpose. Just select the purpose,. that will do