Importer Exporter Code Number Not Compulsory to Withdraw PayPal Money to Your Local Bank Account
An Importer Exporter Code is now compulsory if you are based in India and want to withdraw money from Paypal to your local bank account or credit card. The Importer Exporder Code or IEC(in short is a small 10 digit code issued by the Ministry of Commerce and Industry.
The IEC is now made compulsory for thousands of freelancers, software professionals, web designers, small and medium companies who depend on Paypal for foreign payment. In fact, the IEC code was always required by manufacturers and companies for export trade.
Here’s how you get an Importer Exporter Code Number
You can download the IEC application or you can search for “Application Form for Issue Importer Exporter Code Number (IEC)”. You can also get access to the form through any of the regional offices of Director General of Foreign Trade.
Filling up the IEC form:
Filling the form is simple, you can leave out the Section C since its only for people who already have an IEC number. You’ll need to have a bank certificate, your PAN card copies, date of birth certificate and a Demand Draft of Rs 250 (please cross-check since the fee structure may have changed) drawn in favor of DGFT.
Once you’ve all the neccessary documents, you can submit the application in person to your regional DGFT office or you can sendthrough snail mail (like registered Speed Post). Similar to the Passport application or PAN application, you’ll be given a ‘File Number’ which you an use to check the current status of your application on dgft site
In case you want to know about the procedures, restrictions and Foreign Trade Policies and Regulations, you can download this PDF book from the Ministry of Commerce and Industry, Government of India.
How long does it take to get an Importer Exporter Code Number?
You can get an IEC number in just a week’s time or seven days. The certificate is delivered to your address that you mention in the form through registered post. The IEC number remains permanent for life, and it is just one time thing that you need to do.
PayPal, in accordance with the email that they have sent to all account holders in India, will add a new “Exporter Code” field on their website. Once you fill that code, you’ll be able to withdraw funds from PayPal to your bank account in India.
The new field is not there yet but it should be up by March 3rd.
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Posted by Starwin on 2nd March, 2010
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