Purpose Code is a code issued by the Reserve Bank of India (RBI) to classify the nature of foreign currency transactions.
In India, when you are receiving payment in a currency other than INR (eg. USD), the Reserve Bank of India has instructed the banks to report it to them. This is known as Inward Remittance, the transfer of funds from a third party in another currency.
The correct purpose code for Google Adsense payment is P1007 – Advertising, trade fair service
So if you are receiving payment in India from any Advertising Network like Google AdSense (Blogs, YouTube), Infolinks, Taboola, Outbrain, PropellerAds, Media.net etc, the correct purpose code will be P1007 – Advertising, trade fair service
Hence when your bank asks what is purpose code for this payment then you can inform them of this. This purpose code describes the nature of Foreign Exchange Transaction that helps the Reserve Bank of India (RBI) to identify and classify Forex transactions.
The below PDF contains all the list of RBI Purpose Codes
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