Friends, Here is the actual link to what RBI says about the Purpose Code (the table is approximately in the middle of the web page). Please see this link: "NEW PURPOSE CODES FOR REPORTING FOREX TRANSACTIONS" ::: http://rbidocs.rbi.org.in/rbiadmin/...spx?FromDate=03/01/02&SECID=21&SUBSECID=0#a31 ---- If possible, please write your actual experiences here once the Paypal withdrawals begin, so that everyone can learn from them. Good Luck!
Looks like this all is being done for the purpose of keep track for the BOP of India makes mee feel better
That's great link, Thanks for sharing it. Now we have more clear cut information about PayPal issues.
thats a great find.. kudos to sb123 bt it does not say anything about content development service.. though pp asked us to use 805, rbi says its for news agency services.. any light on the matter, guys?
It says, "NEW PURPOSE CODES FOR REPORTING FOREX TRANSACTIONS" Does it mean that, we cant withdraw more than 50k at one time from paypal to bank account ? Is RBI going to track all of our payments and push us to pay the heavy taxes ?
I think that is the exact motive behind the purpose codes, so that RBI can track the incoming foreign exchange and tax us hard
Whoops. That way, that will be huge. I would prefer to start selling CHANA near the Railway Station, rather than stressing the minds on programming and then wasting money on taxes.
Hi Friends, Once again, If you want to study the RBI's real purpose behind the Purpose Code, Please Google this: +"purpose code" +2010 site:rbi.org.in Then check those few links. (Don't worry, those are just 5 or 6 links). Please also download the 3 pdf files from those links. Here are the 3 links for the pdf: rbidocs.rbi.org.in/rdocs/notification/PDFs/MCMRR0809.pdf rbidocs.rbi.org.in/rdocs/content/PDFs/6EFSCTR_281109.pdf rbidocs.rbi.org.in/rdocs/content/PDFs/8EFSSTR_281109.pdf IMO, the RBI is asking us to fill the Purpose Code to relieve the pressures on all the participating Indian banks (they were doing all this donkey-job before today) Now with this exercise, we are going to help the RBI to collect this "survey" and manage the Forex data efficiently. As they have mentioned in the first post's link, the RBI is conducting a survey since many years and gathering the data about how the Imports and Exports are being conducted and under which "heads". Please go to that link once again and read the entire web page. You will clearly understand the motive behind the Purpose Code... The link, once again, is: http://rbidocs.rbi.org.in/rbiadmin/...spx?FromDate=03/01/02&SECID=21&SUBSECID=0#a31 Hopefully, by the time PP begins bank transactions to India, we all be a little bit more clear (read: clever) by going through these links. Also, this exercise (mentioned in this post) is really good to keep your anxiety levels down -- for the time being, until you get the money safely in your banks (which I pray that you get it soon and sure), & until PP goofs again (which I pray that it never happens -- PP has "sinned" more than enough, any more and ... ). (IMO, They surely will goof again -- bad habits die hard! They really cant sleep before they harass a few hundred freelancers for the day.) EDIT: PP's professional(?) information gathering system sucks! All the RBI-related information about Purpose Code, etc. was available to them since long time. If they had gathered this information and had been talking to RBI all the time (because PP has to do business with India), we would have seen better days and all this mess wouldn't have taken place. If they have "countries and banks information related officials" in their teams, then those should be sacked with immediate effect. They have failed in this context miserably. Now on, instead of just counting their money and profits, they should begin working towards giving better service to their customers, including us. Happy reading!
paypal has created lot of problem in india. and that has affected to foreign consultants also.. is there any news that money are now going to bank account?.. i need to pay lot of due to my outsource service providers..
BTW, it's an 8 years old announcement from RBI, look at the date on top of the report. I wonder if those codes are still the same or not.