IEC in India (Required For Paypal)

Hi there

Those who are not aware of the recent announcement made by paypal saying that the withdrawals will be resumed in 3rd march,heed here

https://www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india/

Now its obvious that we need to have export code to get money in our bank account
There will be an announcement on March 1st regarding the exact procedure to withdraw the amount

I think the export code is nothing but IEC code

I am a student earning some pocket money by providing service.So i dont have any registered company nor i have any current account.
Mine is just a savings account

I have searched net for IEC code
http://www.infodriveindia.com/IEC-Code/Default.aspx --> This one has many details regarding the IEC code
http://www.importexportcode.com/default.html --> How to apply for IEC

But it would be best if any one already having IEC explains the procedure
So folks lets just discuss all about IEC and how to get them Lets be prepared to apply for IEC and get IEC ASAP

Regards
Adithya Uday

 

Just wait for 28 hours, PayPal will explain whole things iself, Don't be panic. It's just a legal process nothing else

 

The process for registering with IEC is easy and takes about one week max, there are guys/agents or contact your auditor for help...

Also the positive note is you can get exemption in paying tax and enjoy benefits of an exporter...

I just spoke to my Auditor and he requested to bring in these:

I will keep you updated later today...

 

Yes you are right. Also process can be done faster with use of some extra money. All application went too Mumbai HQ to get approval so it takes 2-3 days for that nothing else!

 

But what about those who dont have any firms or current account or any registered company ..?
Can they get IEC no. too ?

 

it is a great news really

 

And what if i am an individual service provider ?

I am not an owner of any registered firm.

Please help.

Thanks
Bimal

 

Why are you guys getting so tense and excited ... ??Wait for 2 more days...

 

Hey guys,

I will get you the right answers in couple of hours, on my way to meet my auditor...

 

Cool , thanks..

 

yeah only 2 days and PayPal will start proceeding.

 

I am so relieved after reading this....

 

That's correct, IEC code may apply to Business PayPal account holders only, we might need to provide PAN Card number as it is enough for us to inform our income to RBI.

 

I guess everyone must be having a Pan card..atleast the regular tax payers..

 

Yes I have it and I am paying regular tax since 3 years and I would be happy to use it in PayPal if they ask me to do so.

 

yes i also got the mail from paypal.

we can now withdrawl our money from 3rd of march

 

Lets wait for paypal IEC is for companies i guess not for individuals

 

yup will have to see it on 1st

 

Yup, May be IEC Code for Business Account Holders, rest will be PAN Card.