PayPal has recently blocked the money withdrawal services in India. Now, they are resuming their services again with some new features.
According to the new rules of Reserve Bank of India, PayPal team has included a new “Purpose Code” field. This code basically helps banks identify the nature of the cross border transaction and it is different from Importer-Exporter Code (IEC).
PayPal is going to apply these changes from 3rd March. I would suggest you to wait for few days as you may get confused with the new system and new concept of Purpose Code. Please read all the instructions given on PayPal’s blog. [Link]
How to get Purpose Code for PayPal Account?
As said, Purpose Code is not same as IEC. PayPal requires a small code which gives more information about the transactions you have made in bank account. There is no need to make any real efforts to get the Purpose Code.
They have given a table in their post to confirm your Purpose Code. Choose your code according to your business category. You can also confirm your code from PayPal’s customer support team.
[...] Update: Purpose Code is required for PayPal India. [...]
IT’s good case study of how indian procedure r changin
it’s mean we r changing………………………………………
So that means we don,t need the IEC.
Yes, there is no need of IEC. You can withdraw money with their purpose code.
Thanks for the quick response.
So that means we don,t need the IEC.
Yes, there is no need of IEC. You can withdraw money with their purpose code.
Thanks for the quick response.
Was planning to apply for IEC.Is it not needed anymore?Or to be on the safer side it is advisable to go for it?The purpose Code is given as per the Business ie Software -802 ?
The purpose coed is sure with a purpose
You don’t have to use IEC code. Just select your Purpose Code and make transaction.
Hi, recently I applied withdraw fund but there was no any “purpose code “.
PayPal has now implemented the Purpose Code. Use appropriate code while withdrawing money to your bank.
Hi,
I am a freelance Photo retouching artist, what purpose code do i need to enter while withdrawal to bank?
You may need to contact PayPal support team.
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