Yes it is really a happy news for paypal india users.They don't need an IEC code.they require only a purpose code to transfer money to theur bank account. You can find full list of code from http://img.labnol.org/files/purpose_codes_india.pdf. More details are from RBI website http://rbidocs.rbi.org.in/rbiadmin/...ls.aspx?FromDate=03/01/02&SECID=21&SUBSECID=0