Import Export Code (IEC) For PayPal India Payment Withdrawals
By on February 27th, 2010

Earlier today, we told you about how PayPal had restarted bank withdrawals for Indian users, however, that announcement came with a catch. Indian users had to fill a field called "Export Code" to initiate the withdrawal.

paypal_logo

Now, PayPal has not really clarified much about the "Export Code", but it is basically a Importer Exporter Code (IEC) which is issued by the Government of India, for people who Import or Export goods or services outside India.

Now, PayPal by themselves will not provide users with an "Export Code" and users who require to withdraw payments to their banks will have to apply for it themselves and the process in itself might take several weeks.

So now designers, freelances and website payments will come under the prerogative of Import/Export laws, and taxes for the same will be applicable. This is definitely going to complicate the process of receiving and sending payments for PayPal India users and is 90% PayPal’s fault as they did not follow the rules laid down by Reserve Bank of India (RBI) in the first place.

Users who want to get the IEC will have to fill out a form and submit it to the respective department along with required documents to get it approved.

So get ready to face a lot of delays in getting both the IEC and your money out in the future. Getting the IEC is not a straightforward task and you will have to go through several processes and forms before you can get one.

Useful Links for Applying and Learning More About IEC In India

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Author: Keith Dsouza Google Profile for Keith Dsouza
I am the editor-in-chief and owner of Techie Buzz. I love coding and have contributed to several open source projects in the past. You can know more about me and my projects by visiting my Personal Website. I am also a social networking enthusiast and can be found active on twitter, you can follow Keith on twitter @keithdsouza. You can click on my name to visit my Google+ profile.

Keith Dsouza has written and can be contacted at keith@techie-buzz.com.

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