IEC in India (Required For Paypal)

Yea!! Will join other freelancer sites where this is not mandatory requirement and then Good bye Paypal!! We also have other options rather than just transferring through Paypal.

 

yeah..bank wires are equally good as neft transfers...but i feel this announcement is good one for those working on ebay.....

 

Its pretty much useless for a part time freelancer to apply for IEC code and then keep on renewing it... Discouraging on indian goverments part

 

Here is the information you can apply and get a Exporter Code easily. Here is how to get IEC http://www.moneyfellas.com/forums/showthread.php?t=241 .I think this is very useful for us...............

 

Here, read these links and calm down --

http://www.infodriveindia.com/IEC-Code/Default.aspx
http://commerce.nic.in/pressrelease/pressrelease_detail.asp?id=1741

 

What would a freelancer programmer be exporting ?

 

boss this IEC is of no use for people who are earning $1000-1200 a month.....pan card is enough....we are no big export firms who will make withdrawals every alternate day......

 

ask this from the govt and rbi...

 

Services

 

well lets wait till March 1st then depending on situation they create we move away from the paypal or stay with it

im thinking of AlertPay and LR and MB for now

 

I am also trying to get paid by bank wire now, though need to put money in hold till it reach a certain big amount.

if require will go for IEC too.
Why you guys not sign up for Payoneer if doing freelancing? may be RBI will close this one too for us

 

The new system relies on a much simpler form and an optional on-line application module for issuance of IEC No: It seeks only essential details for the applicant; and it introduces an optional facility of advance on-line submission of application.

An applicant may now choose one of the two options for application submission:

File an online application and submit a physical copy of the application by taking a printout of the online application.

Submit a physical copy of the application directly at the regional DGFT office.

The documents to be submitted along with the prescribed application form will be: (1) Fee could be paid through the Bank Receipt /Demand Draft evidencing payment of application fee of Rs. 1000/-. DD should be in favor of regional office of DGFT or through Electronic Fund Transfer (EFT). (2) Certificate from the Banker of the applicant firm in the format given in the online application form. (3) Self certified copy of Permanent Account Number (PAN) issued by Income Tax Authorities. (4) Two copies of passport size photographs of the applicant. Photograph on the banker's certificate should be attested by the banker of the applicant. (5) Self addressed envelope duly stamped for Rs.30/- and (6) These documents may kept securely in a file cover.

The above documents may be sent by post or hand delivered at the concerned regional DGFT office.

Process of online application: This facility is optional for the applicant who can submit physical copy of the application without filing an online application.

i) Applicants can file an on-line application at the DGFT web-site http://dgft.gov.in On-line form has been designed to ensure feeding of all the required information by prompting user wherever a field is left blank. Applicant has to submit scanned copies of PAN and bank certificate along with their application.

ii) There are 2 options for payment of fee. (A)If fee is paid by Demand Draft, IEC will be generated only after receipt of the physical copy of the application. (B) If IEC application fee is paid through Electronic Fund Transfer facility, IEC number will be generated by the licensing office automatically and the number can be viewed online by the applicant.

iii) On the receipt of physical copy of the application, the same IEC will be printed in 24 hours time and dispatched to the firm.

The Govt has also issued a series of FAQs On Import-export Code Numbers, the text of which is as follows: IEC Stands for IMPORTER EXPORTER CODE. No export or import shall be made by any person without an Importer-Exporter Code (IEC) number unless specifically exempted.

Q. Where to obtain an IEC?

A. An application for grant of IEC number shall be made by the Registered/Head Office of the applicant to the licensing authority under whose jurisdiction, the registered office in case of company and Head office in case of others, falls. Option of filing an online application followed by submission of physical copy of application can also be exercised to avoid delay caused by deficient applications. PAN is mandatory. Photocopy of PAN card has to be submitted along the application. If PAN card not issued to the applicant then a copy of PAN allotment letter from I.T. Department will also be accepted.

 

yeah bank wire is working fine for me....the only thing with paypal was that i was able to have few payments outside the freelancing sites from the clients..if paypal doesnt work for me i will work full time for freelancing sites and have bank wire done...
i have signed for payoneer already......yeah no worries if rbi closes it because most of the freelancing sites support bankwire and atleast rbi wont stop that

i would have gone for IEC if i was receiving millions of dollar a year..but there is no point of applying for it atleast for indivduals like me...pan card does the job lets see if paypal includes it too for us...

 

Thanks for information, i will try it...

I think RBI want play with us.. this is silly thing how can a newbie service provider opens company and wht about service providers who are 18 years less they cant get pan card,,

 

even a 1 day old baby can apply for a PAN card i dont think it has age limits

 

yes ,Many people here dont have pan card.

well, salaxzar, can you let me know us how to apply for pan card and its rules.

 

you can easily get, many people are in business who help to apply for passport, pan card, blah blah... they collect and submit all documents on behalf of you. They may take few rupees approx rs.250 /- for pan card (actually Rs. 100/- if you do in person probably). I don't think its very hard to get pan nowadays.

But weird about IEC ... I really don't earn so much money

 

I am yet to receive my PAN card (applied 10 days ago).

 

It took 30-35 days to get of mine.

 

As of now, online application does not work! it seems they have taken down the link!