Purpose Code for Paypal Withdrawals, IEC No Need
You need a Purpose Code to withdraw Paypal money to your local bank account. The purpose code helps you bank give information that may be needed by the Reserve Bank of India to find out the nature of cross-border business. The Purpose Code is not the same as the Importer Exporter Code (IEC) issued by the Ministry of Commerce and Industry. Contrary to rumors, IEC code is not compulsory.
When you withdraw money from Paypal to your bank account, you have to declare the ‘purpose code’ . The bank may need you to submit documentary proofs such as invoices / goods receipt forms as applicable to reconcile with your withdrawal.
Find out the purpose code for your paypal transaction
What if your transaction doesn’t fall into the above codes?
Well you have bad luck my friend as besides for the above any other transaction cannot withdraw money from paypal even if you want it for charity purposes. However, you can possibly ask for the payment in check though direct transfer to bank account is not possible.
Related posts:
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Posted by Starwin on 2nd March, 2010
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