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Whoa! PayPal is once again back with its weird changes in policy. Just four months back, PayPal had introduced “Purpose Code” for Indian transactions, which was not so great move by the company.
Now, they have decided to stop electronic funds withdrawal method for Indian users, which means people will have to rely on cheque withdrawal method. From tomorrow i.e. July 29th, online users in India would not get a chance to ask for electronic transfer from their PayPal accounts.
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 has been in the talk for quite some time due to their unexpected behavior. Many Indian entrepreneurs, freelancers and eBay users have suffered a lot in this period.
Eventually, PayPal has sorted out some of the important issues and people from India can now withdraw money from 3rd March. They have updated each user about their latest progress through an email.
