Paypal India Importer Exporter Code: How to get Paypal India IEC Code
Paypal India Importer Exporter Code (How to get Paypal India IEC Code): If you are based in India and if you want to withdraw money from Paypal to bank account in India, then you now need to have the IEC Code.
So how can we get this Importer Exporter Code for money withdrawal in Indian Bank from Paypal account?
The 10 digit IEC or the Importer Exporter Code for Indian Merchants (in this context, the Indian Paypal users) is issued by Ministry of Commerce and Industry. This code can be obtained by filling an application form which can be downloaded from here. The same form can also be obtained from the regional offices of Director General of Foreign Trade (details on regional offices can be had from the website dgft.gov.in – check the footer). You can then fill the form as per instructed there.
You need to following to complete the form:
- PAN Number and Copy
- Bank Certificate
- Date of Birth Certificate
- A Demand Draft (please refer the instructions on the form)
Once you have filled the form, you can submit it to the regional DGFT office. You can also send the form through registered post.
All these details can be clarified from the Indian Foreign Trade Procedures 2009-2014 Hand Book
The IEC application normally takes 3-4 working days to process and you may get the same by post within 10 days.
WOW… do we need to go through all this process to withdraw money from Paypal?
May be not. Paypal may come up with something which will shorten this process of getting the IEC code for Indian Paypal withdrawals. But we do not have any confirmation as of now and we are likely to get details about this by today or by March 3rd 2010. Till then, we can just wait and watch.