Paypal Resolves Bank Withdrawal Problem For Indians

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It has been approximately a month since Indians faced the problem of bank withdrawal. If you aren’t aware as to what was the issue, then read on the following posts to get an idea :

Paypal Reversing Money Sent To/From India Using ‘Personal/Services’ Option

Official Statement From Paypal Regarding Reversal’s

Paypal Answers Reversal Questions

Paypal Alternative – Authorized Payment Processors

Mr. Farhad Irani, the person in charge of PayPal’s business in Asia Pacific, in his blog post dated February 26th, 2010 confirmed that the bank withdrawals will resume for Indians on 3rd March, 2010 and that all the Indian users of paypal will now require the use of a unique “Purpose Code”. In another blog update on 2nd March, 2010, he conveyed the the different Purpose Code’s to be used by individual’s. Here is the complete list of code as provided by Paypal :

Though paypal has given the specific codes for each type of activity however, things are still unclear as to how will those receipts be dealt which are not of a particular nature and have been received because of a variety services being given (From receivers point of view). Moreover, the above mentioned are just a part of otherwise a long list of purpose codes given by RBI (Reserve Bank of India). You can check out the complete list on RBI’s site. The list is somewhere in the middle under the head “NEW PURPOSE CODES FOR REPORTING FOREX TRANSACTIONS”.

For complete information on what purpose codes are, etc refer the official blog post from paypal.

6 COMMENTS

  1. Hi,

    I have invested in Forex trading (Avafx) & deposited by paypal, Now i want to withdraw my amount through paypal.
    I am not understanding which code should i use for withdrawing money to my bank account.
    Anybody can give good suggestion please

  2. Well Personal accounts will take some time to get back to normal but premier and business accounts are working as usual now. I have withdrawn some amount and till now things are going well *phew*.

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