New Delhi: Breaking News! The worst ordeal of millions of PayPal customers in India, is finally over. The world's largest money transferring service, PayPal has not only resumed the bank withdrawals to India, but also simplified the system with a 'purpose code'.

 

 

The PayPal has clarified that the 'purpose code's is different from the Importer-Exporter Code (IEC) and customers won't have to go through any other cumbersome process. They just need to get the 'purpose code' from the list, which matches their business, and withdraw money to their bank accounts without any hassles.

 

 

So, while requesting a money withdrawal, you just need to identify the purpose, so that PayPal can intimate the Reserve Bank of India (RBI) about the same, when required. However, PayPal continues to block personal payment in India till further notice.

 

 

Although PayPal has started the bank withdrawals from March 3, 2010, it is advisable to wait for a few days and let the new system work properly. Please visit the PayPal Blog to read more about the new changes.