http://eventhorizon1984.wordpress.com/2010/02/28/paypal-india-farhad-irani-restores-business-bank-withdrawls-but-hold-on-personal-funds-remain/ Event Horizon WeBlog Log EventHorizon1984 Online "Trials and Tribblevialations" « PayPal India Service Hold Explained: ‘We Don’t Need No Stinking License’ PayPal India Personal Accounts Hold and the April 30th RBI Deadline » PayPal India Farhad Irani Restores Business Bank Withdrawls But Hold On Personal Funds Remain PayPal India Farhad Irani Restores Business Bank Withdrawls But Hold On Personal Funds Remain 28 February 2010 EventHorizon1984 Continuing the trend of terse press releases, Farhad Irani “Head of PayPal Asia Pacific” statedFebruary 26th on the PayPal Blog that “bank withdrawals for settlements for exports of goods and services” areanticipated to resume on March 3rd. The small catch for India businesses is this new PayPal (an eBay company) requirement: “you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal“. Predictably PayPal provided no details on getting an “Export Code”, but Farhad Irani promises that on March 1st hewill “be back in touch with specific instructions on how you can move your money into your bank account“ An India business can wait and see what gems Farhad Irani releases from the PayPal vaults, or perhaps they couldtake the time to read the PluGGd.IN article PayPal Resumes Local Withdrawls to Indian Banks, Here is how to get Export Code, and find the section titled “How do I obtain IE Code or FIRC?”. Or see the Techie Buzz article Import Export Code (IEC) For PayPal India Payment Withdrawals and view the “Useful Links” section. At this point one should wonder what PayPal has NOT said about this self-inflicted problem. Consider the spin released by individuals with no stated relationship to PayPal that ‘only personal accounts wereaffected’ beginning 27 January 2010. And quotes from terse PayPal Blog public relations releases. “I’m writing to let you know that personal payments to and from India and transfers to local banks in India have been suspended“ Anuj Nayar, PayPal spokesman, 6 February 2010. “Only personal payments should have been reversed.“ Anuj Nayar, PayPal spokesman, 9 February 2010. “We were hoping that our merchant customers would be able to start withdrawing their funds at their local bank by today, but it looks like this will still take some more time.“ Farhad Irani, Head of PayPal Asia Pacific, 14 February2010 “thousands of Indian businesses who use PayPal” Farhad Irani, Head of PayPal Asia Pacific, 26 February 2010 Interesting how according to PayPal, business affected went from essentially none to thousands. Should be very interesting to see what gets extracted from PayPal in the months to come. Meanwhile we’ll leave you with these gems from enthusiastic India PayPal blogger Amit Sinha of Little About: “resumption of service of PayPal, acclaimed e-commerce business allowing payments and money transfers tobe made through the Internet and one of the greatest means of communications of Indians overseas.” “millions of Indians have had a sigh of relief“ “Millions”?? /* Apologies for the “transaction” typo in previous articles. See Also PayPal India Service Hold Explained: ‘We Don’t Need No Stinking License’ The PayPal India Suspended Transaction Services and Farhad Irani The PayPal India Transaction Holdup Continues The PayPal India Transaction Holdup // “I never said it. Honest” … “For a while, out of childish pique, I wouldn’t utter the phrase, even when asked to. But I’vegotten over that. So, for the record, here it goes: ‘Billions and billions.’” Carl Sagan // Resuming local bank withdrawals to India
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