Withdraw Using Paypal

Hi friends, I am trying to withdraw money from my paypal. Few months back, Paypal suspended withdrawing money to bank accounts and the resumed it. I feel like withdrawing it to your own account is safe and better too. The withdrawal treatment process provided by them is good. As per the settlement between RBI and PayPal, now onwards PayPal will ask you the “Exporter ID” at the time of withdrawal. This exporter ID is also known as IEC (Importer Exporter Code) which is issues by the regional office of Director General of Foreign Trade (DGFT). Amit Agarwal has published a handy information about the procedure to get IEC Number or Exporter ID.

Regarding the Personal Payments suspension, PayPal team updated that they are working on it to get some required approvals from RBI. Till that time the personal payments to and from PayPal India will be suspended. We talked to some people and found that it takes nearly 4 – 6 months to get the approval for the same.

Anyways, I hope that the withdrawal option thru Check will not ask to “Exporter ID” and you can withdraw your current amount on PayPal thru that. IEC number (Exporter ID) takes around 7 – 10 days to come after the documents and form submission. If you want to know more about IEC and Exporter ID then search for DGFT Office, Your Location and try to find the nearest regional office and ask them about the procedure.