Reserve Bank of India is paying close attention on PayPal. Few week back, Indian financial regulator RBI enquired PayPal about their cross-border merchant transactions and due to that PayPal suspended their service of withdrawing funds to Indian local banks. Although PayPal got relief from Indian financial regulator and withdrawn from the suspension and resumed the service again since March 3rd, but imposed new rule for Indian PayPal users. This time onwards whenever you will withdraw money to your Indian bank, you have to select “Purpose Code” of your withdrawal. As per PayPal blog quote: This information is required under the … Continue reading →