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IEC in India (Required For Paypal)

Discussion in 'PayPal' started by adithya, Feb 26, 2010.

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  1. #1
    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
     
    adithya, Feb 26, 2010 IP
  2. Rohit patel

    Rohit patel Prominent Member

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    #2
    Just wait for 28 hours, PayPal will explain whole things iself, Don't be panic. It's just a legal process nothing else
     
    Rohit patel, Feb 26, 2010 IP
  3. miner

    miner Active Member

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    #3
    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...
     
    miner, Feb 26, 2010 IP
    adithya likes this.
  4. Rohit patel

    Rohit patel Prominent Member

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    #4
    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!
     
    Rohit patel, Feb 26, 2010 IP
  5. adithya

    adithya Well-Known Member

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    #5
    But what about those who dont have any firms or current account or any registered company ..?
    Can they get IEC no. too ?
     
    adithya, Feb 26, 2010 IP
  6. shanmugasundaram

    shanmugasundaram Active Member

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    #6
    it is a great news really :)
     
    shanmugasundaram, Feb 26, 2010 IP
  7. bimal32

    bimal32 Active Member

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    #7
    And what if i am an individual service provider ?

    I am not an owner of any registered firm.

    Please help.

    Thanks
    Bimal
     
    bimal32, Feb 26, 2010 IP
  8. salaxzar

    salaxzar Well-Known Member

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    #8
    Why are you guys getting so tense and excited ... ??Wait for 2 more days...
     
    salaxzar, Feb 26, 2010 IP
  9. miner

    miner Active Member

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    #9
    Hey guys,

    I will get you the right answers in couple of hours, on my way to meet my auditor...
     
    miner, Feb 26, 2010 IP
  10. salaxzar

    salaxzar Well-Known Member

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    #10
    Cool , thanks..
     
    salaxzar, Feb 26, 2010 IP
  11. Rosoo

    Rosoo Banned

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    #11
    yeah only 2 days and PayPal will start proceeding.
     
    Rosoo, Feb 26, 2010 IP
  12. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #12
    I don't think so that as a freelancer we need to apply for IEC :rolleyes: No need to jump for that and just wait for another notification from paypal as on 1st March.

    DON.
     
    deluxdon, Feb 26, 2010 IP
  13. varnika

    varnika Peon

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    #13
    I am so relieved after reading this....
     
    varnika, Feb 26, 2010 IP
  14. Rohit patel

    Rohit patel Prominent Member

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    #14
    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.
     
    Rohit patel, Feb 26, 2010 IP
  15. salaxzar

    salaxzar Well-Known Member

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    #15
    I guess everyone must be having a Pan card..atleast the regular tax payers..
     
    salaxzar, Feb 26, 2010 IP
  16. Rohit patel

    Rohit patel Prominent Member

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    #16
    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.:)
     
    Rohit patel, Feb 26, 2010 IP
  17. nura235

    nura235 Well-Known Member

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    #17
    yes i also got the mail from paypal.

    we can now withdrawl our money from 3rd of march
     
    nura235, Feb 26, 2010 IP
  18. Bohra

    Bohra Prominent Member

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    #18
    Lets wait for paypal IEC is for companies i guess not for individuals
     
    Bohra, Feb 26, 2010 IP
  19. deepak1986

    deepak1986 Well-Known Member

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    #19
    yup will have to see it on 1st :)
     
    deepak1986, Feb 26, 2010 IP
  20. Rohit patel

    Rohit patel Prominent Member

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    #20
    Yup, May be IEC Code for Business Account Holders, rest will be PAN Card.;)
     
    Rohit patel, Feb 26, 2010 IP
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