Debunking the Myth of IEC Code - Do Indian PayPal Users Really Need It?

Discussion in 'PayPal' started by contentedge, Mar 3, 2010.

0
  1. #1
    Hi guys,

    I see that a lot of you guys are convinced that you need an IEC code from now on to be able to withdraw funds to your local bank account. It is, however, not exactly true. Neither PayPal nor the RBI have stated that you need to get an IEC code to be able to withdraw funds from PayPal. They've just stated that you need to mention what they call a 'purpose code' while transferring the funds to your account. Both the RBI and PayPal have given a bunch of codes pertaining to different businesses. Depending on the nature of your business, you need to mention the appropriate code number while transferring the funds.

    Now, where is the need to get an IEC code?

    For more details, you can check out this blogpost from Amit Agarwal, who I think is an authoritative voice in blogosphere.

    Thanks
     
    contentedge, Mar 3, 2010 IP
  2. tanha_dil

    tanha_dil Peon

    Messages:
    324
    Likes Received:
    4
    Best Answers:
    0
    Trophy Points:
    0
    #2
    where are you dude , didnt you see the latest blog from farhad irani ? He clearly stated that IEC is different and purpose code is different.
     
    tanha_dil, Mar 3, 2010 IP