PayPal has received the green light from the Reserve Bank of India (RBI) to resume bank withdrawals for Indian businesses who use PayPal to sell their goods or services in the global marketplace, according to thepaypalblog.com.
PayPal has also announced that it is currently making changes to comply with Indian regulations for settlements for exports of goods and services. The company also anticipates that as of 3 March it will be able to resume the bank withdrawal service.
As part of the changes, when requesting a withdrawal, users will need to fill out a new field entitled ‘Export Code’. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions. However, personal payments into India will remain suspended, as the RBI needs specific approvals to allow personal inward remittances to India, the same source indicates. In February 2010, PayPal suspended its services in the country as a result of India's revised licensing laws.
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