Paypal Resumes Withdrawal To India; No Option Of Personal Payment Though!

PayPal India has announced the resumption of the payment services and has confirmed that the Reserve Bank of India has given the much needed nod to restart bank withdrawals for settlements for exports of goods and services.

You will be able to receive money from your foreign counterparts for the either “Pay for Purchases” (Goods or Services) tab, completing PayPal checkout at your website or by responding to PayPal “Request Money” instructions (invoices).

The only problem that is to be solved is that of Personal payments,which is still banned for all Indian PayPal users (Business, Premier and Personal Account Holders).

In any payment, when you instruct PayPal to withdraw your PayPal balance to your bank account in India, you will be required to provide a “purpose code” for the transaction. This code helps RBI to understand the nature and purpose of transaction.

There is a long list of personal codes on the paypal blog.But the ones that will matter for majority of our blog readers are given below:-

P0805 For freelance journalists and bloggers
P1007 Logo Design, Brand Consulting, Marketing
P0802 Software programmers, freelance coders

For more info you can head on to the paypal blog.