PayPal made an announcement regarding bank withdrawals to Indian PayPal account holders on February 27, 2010. Withdrawals were scheduled to resume on March 3rd, 2010, which has already taken place. We have also covered the article on Bank Withdrawal Instructions for Indian PayPal accounts.
Earlier yesterday, PayPal officially announced that Bank withdrawals have been enabled for Indian PayPal users. They will however need to fill in an additional field known as “Purpose Code”. This is a requirement by Indian Government in order to know the nature of transactions. Vendors/Sellers will need to fill in the most appropriate purpose code against their business/services to withdraw funds to local bank accounts.
Details on purpose Codes can be found on PayPal’s Website.
That is good news for Indian users as they can withdraw to their bank accounts after little inconvenience.
