Hide your secret files INSIDE photos, videos or other files with OmniHide PRO.

PayPal Purpose Codes for Indian Users

Topics
Tags

You may have noticed that Paypal now asks you how you obtained the money when you try withdrawing money from Paypal to an Indian Bank Account. This is because after recent security threats, the Govt of India and RBI has made rules and checks on cross-border transfer of money more stringent.

The sources stated on PayPal are known as “Purpose Codes”.  The purpose code is used by your bank to furnish information that may be required by the Reserve Bank of India (RBI) to identify the nature of the cross-border transaction. Here is the list of Purpose Codes that PayPal offers to Indian users:

Code Category Description Who should be using it
P0104 Export of Goods Value of export bills negotiated / purchased/discounted etc. (covered under GR/PP/SOFTEX/EC copy of shipping bills etc.) eBay merchants, jewelers, sellers of collectibles and other such products through eBay and your own websites / catalogues globally.Please note: Cross border shipment of goods and services for which you file GR / PP / SOFTEX / EC forms only should be processed with this code.If you have any questions, please check with your bank to help you with the same.
P0301 Travel , Hospitality and Tours Purchases towards travel (Includes purchases of foreign TCs, currency notes etc over the counter, by hotels, hospitals, Emporiums, Educational institutions etc. as well as amount received by TT/SWIFT transfers or debit to Non-Resident account). Online Travel Agents, Airlines, Railways, Buses, Taxicab Services, Hotels, B&Bs and other travel / tourism related sales through PayPal
P0801P0802P0803 Information Technology Computer Information Services. Hardware / Software / Data Processing consultancy/implementation If you are an independent / freelance coder / hardware consultant or data processing service provider, or a small business providing such services for websites globally, please use these codes.For all IT related consulting services where you know you do not need to file a SOFTEX form, please use the appropriate code. 801 for hardware consulting, 802 for software consulting and 803 for data management and processing consulting services
P0805P0806 Content and Journalism News Agency and Subscription services If you are a freelance journalist / blogger / news aggregator please use this purpose code for withdrawals.If you are a newspaper or an online news aggregator for websites overseas, please use the appropriate code from these two. 805 if you a freelance journalist, and 806 if you are a newspaper / aggregator
P0902 Licensing of creative works Receipts for use, through licensing arrangements, of produced originals or prototypes (such as manuscripts and films) Artists, designers, other creative service providers where the principal revenue mode is license fees, please use this code.If you produce creative works which you license out for entities overseas, licensing revenues may be classified under this purpose code
P1004 Other services Legal Services If you are providing outsourced law related services
P1005 Accounting, auditing, book keeping and tax consulting services For accounting consulting and accounting services
P1006 Business and management consultancy and public relations services Management / brand consulting and management services can be exported with this purpose code
P1007 Advertising, trade fair, market research and public opinion polling services Marketing/ brand consulting / logo design / event management services can be exported with this purpose code
P1008 Research & Development services If you are an outsourced research and development services provider based in India, receipts can be inwarded through this purpose code
P1009 Architectural, engineering and other technical services Any other technical services such as eTutoring, education and other services you render over the internet via web conferencing tools or similar channels, please use this code for your withdrawals

When you initiate a withdrawal, you will now be required to declare a purpose code when you are completing the bank withdrawal request.

Please note that according to Indian law, based on the value of withdrawal and the purpose code in your declaration, your bank may require you to provide documentary proofs such as invoices / goods receipt forms as applicable to reconcile with your withdrawal.


 
Discover upcoming movies
 

Comments are closed.

 
 

We’re on Hostgator and we love it

Use coupon BLOGULATE994 and get 9.94$ flat off from any hosting package of your choice!

We're on Hostgator and are extremely happy with the service. Never down, cheap and powerful servers!
Use coupon BLOGULATE994 and get 9.94$ flat off from any hosting package of your choice!

Search Blogulate

Categories