Tuesday, March 2, 2010

Need to enter purpose code for withdrawing money from PayPal to Indian Banks.

As mentioned in previous post, PayPal has released new instructions for withdrawing money from PayPal to Indian Banks.

According to the new instructions, Indian PayPal customers should enter Purpose Code while withdrawing money from PayPal to local Bank in India.

The purpose code will vary according to the nature of income source.

For example,

Software Programmers (system, web development) should use P0802
Consultants,data management and processing consulting workers should use P0803
Consultants (Hardware troubleshoooting,product guide etc) should use P0801
Logo Designers, web designers (PSD,HTML/XHTML layouts,video,audio,ebooks etc) which includes creative works and under licensing should use P0902
Bloggers, Article Writers, Online Journalists should use P0805
If you own any online newspapares,news aggregation websites should use P0806
Market Researchers Marketing/ brand consulting / logo design / event management services can be exported should use P1007

For complete list of purpose code you can refer the paypal blog.

And, personal payments and donations to charity thro' paypal are blocked now.

Many people are having a question about which purpose code should be entered if there is more than one type of income source?

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