Maybe this is a rare case but what happens to those who dont provide services and are also not engaged in import/export of goods ? Example being, those who make money by selling blogposts or blogroll links ? This being said, my case is that i sell advertisement on my blog and get payment via paypal. So, will i have to apply for IEC Code too ? I have searched for answers to my question on dp but could not find any satisfactory answer.
Selling Blogpost won't come under link selling, building or SEO? They are co-related to each other and you come under service category as well.
I know i am being impatient but i am concerned about how things will work... See, i am selling blogposts once in a while i.e once in a month. Its not a everyday task for me.
nope you are wrong..there is limit beyond which iec is required...so according to you if a person does a $100 job per month he will need IEC lol...issuing authority will get mad if this happens.....
dont know why you are creating so much of hue and cry about IEC.....relax there are always escape routes and paypal will provide one so chill
This is what i was looking for. Shouldn't there be a limit. So that persons earning below it aren't required to fill in the IEC. BTW thanks for bringing up this point.
yeah dude there is a limit and paypal should follow it unless paypal thinks all of us are big exporters....
technically anyone with a pan and a current a/c that is bank a/c in company's name can apply for a IEC code, the confusing thing about all this is if RBI has asked for IEC code on Indian paypal a/c, it does not work that way for services, it is goods which physically cross borders and pass through Indian customs , then IEC code comes into play it's a import and export code. nothing to do with banking only you put it up with yr invovies when getting or sending foreign currency via bank, i.c anything to do with exports or imports , since many of the payments via paypal would fall in neither category, !! i fail yo understand the logic behind this , RBI just passed the buck , and paypal would just pass it you, and business wise pp is now eying the great market share of export and import remittance via india through it , makes sense to go after big bucks if am exporting something and i get the payment via paypal or even in imports this saves me tons of work and if Indian govt approves it , hell ya i will go for that , but the service guys and pll who don't have any knowledge of this will be left totally in blind!! if it is IEC and there is no other exporter code in india, the payment in your a/c will be done in foreign currency IEC cannot be used for local Indian currency.
it means the community from web (web services provider) who are going to be liable to go through IEC to withdraw the amount into the bank.. dose it mean that the Real Exporter-Importer who is dealing into buy or sell goods @ international markets can also get their remitance of any deal through PayPal ? :-|
That's depressing to know.. let's hope tomorrow sooraj (or maybe doobta suraj as it will day over there in the US when we are moving towards day end) will bring some good news
this the most confusing part of it, export payments can come in any way to bank , L.C, wire, it all depends it will work if even from payapl, BUT the funny part is and which is normal in exports and imports , to finally claim the payment from bank if you have to give your shipping bill from customs , or bill of lading in imports with invoices and all that stuff, and other doucus from customs plus your IEC which is already on yr a/c so technically i can expect payments on exports and even send them on imports via payapl now, if you look at the payapl blog statement the guy has mentioned that you can claim export remittance , there were various benefits given by Indian govt on export earnings which btw is income tax exempt also and you can keep 75% of foreign currency in your a/c too, but how the hell will anyone using paypal even with IEC code can claim his payment from the bank without the customs documents ???!! for services you can just forget about it, if paypal has indeed asked for IEC code then most of you can forget it as there is no way the bank would release a export payment without customs documents.
Simply don't worry about it. Wait for PayPal to announce what they wanna say on this topic. Others who have posted anything might be wrong. Only Paypal can give you correct information.
I doubt real exporters who deal in lakhs/crores would ever use paypal. We all know how risky paypal transactions are. They would better go for direct bank wire transfer, escrow, letter of credit etc...
Doobta Sooraj abhi tak to kuch nahi laya Its 1st today and no blog post from paypal yet. Very true.... They would prefer direst bank transfers rather than paypal.