Doubt about PAYPAL money transfer to India. Please help me

India
February 11, 2011 11:47pm CST
Is it possible to withdraw money from paypal to verified indian bank(SBT) now? I heard some changes/problems regarding it recently. What are the changes going to happen on MARCH 1 ? Once I have transferred money to this account about 1 year ago,at that time there was no need of PAN number and Purpose code. I have a good amount of money there in PAYPAL now,what should I do now. I have applied for PAN card and I got the PAN number now. Please help.....
3 people like this
5 responses
@zralte (4176)
• India
12 Feb 11
I suggest you update your PAN in your paypal account. After that, you should not have any problem withdrawing money into your bank account. As for giving the purpose of transfer while withdrawing, there is a drop box provided in the withdrawal request form. Choose the option which describes how you earn that money. The changes on March 1: You are no longer allowed to accumulate your earnings in your Paypal account. You need to transfer money received within 7 days. It is still unclear as to what will be done if you don't transfer it.
@zralte (4176)
• India
12 Feb 11
I think the option of paying anything with Paypal Balance will be disabled.
• India
13 Feb 11
i too have some questions about it but i think this is because of indian rule of rbi(reserve bank of india) and itd(income tax depertment)
• India
13 Feb 11
is their any charges to transfer money from paypal to our indian bank?
@few00cent (2183)
• India
12 Feb 11
Yes,You can withdraw your money to your bank account.from the 1st march you won't be able to accept money above $500 per transaction..this mean if anyone send you $510 you won't get it and paypal will deny transaction.you won't be able to buy anything from your paypal balance.you should withdraw your money within 7 days from the date you got it.
@aisoice (272)
• Indonesia
18 Feb 11
Dear ramaswamyvtkv, To withdraw money into the country India, I am not sure. But for my country so far no problems. We recommend that you ask this directly to paypal.com. Thank you
@Zer0Stats (1147)
• India
12 Feb 11
Yes you can transfer money to your bank account anytime.And starting March 1st, you’ll not be allowed to receive payments that exceed $500 per transaction.Also,you won’t be able to keep any money in your online PayPal account–all money received into PayPal must be transferred to your Indian bank account within 7 days.There’s another major restriction in place.You’ll not be able to buy goods using the money that’s in your PayPal account.If you have to make payments via PayPal to someone,the money should first be transferred to PayPal using your bank’s credit card.