Paypal Indian fund transfers to become difficult
There are scores of small time businessmen in India who have been depending on Paypal to get their dollar payments from various clients across US and Europe in the last few years. Since January 28th, Paypal has stopped all internal remittances into India , which has put the business of all these people under question abruptly.
Now Paypal is confident of resuming business payments into India from March 3rd, which is just three days away, with a key change in the current process.
Users will have to provide a valid Import Export Code (called IE code) , which is provided by the Directorate General of Foreign Trade (DGFT), a government department. Obtaining an IE code is a cumbersome process which takes at least three or four visits to the DGFT office, plus the routine government office related actioning from the applicants.
Even if everything goes through on time, you may still get your IE code only after three or four weeks.
And Paypal is expected to upgrade their software with the new provision, which is yet to happen. So nothing seems to be going right for India Paypal users as of now.
One silver lining seems to be the continuing Cheque based withdrawal facility by Paypal, which is slightly riskier as it would reach you anytime after three or four weeks, and Paypal does not guarantee that it would reach you at all.