Trade words

Purpose code

A short RBI code you give your bank with each payment to or from abroad, saying what it is for. Codes starting with P are for money coming in and S for money going out, such as S0102 for paying an import invoice.

Set by RBI

Lessons that use this word

  1. Lesson 224 min readPurpose codes for foreign paymentsWhat RBI's purpose codes are, how receipt and payment codes differ, and the codes traders use most for goods and services.
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