New Delhi: Breaking News! While the news of resumption of bank withdrawals using PayPal from March 3, came as a big relief for millions of people in India and world, a new issue called 'Export Code' has put them in a big dilemma. It's not very easy to obtain an 'Export Code', says experts.
According to PayPal, as per the RBI guidelines, Indians can withdraw funds to local banks in India, but they need to provide the 'Export Code' at the time of withdrawal. The CodeitWell.com site has come up with the details on how to go for an 'Export Code'.
CodeitWell.com website claimed that the 'Export Code' is just the Importer Exporter Code or IEC. It's a 10-digit numeric code issued to Indian companies by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India.
How to Get your IEC?
Download the IEC application form on dgft.gov.in or get it from offices of Director General of Foreign Trade.
Filling the form is easy. If you are an individual freelancer, you should be doing this as Proprietor company and so you will just need a bank certificate, PAN card, Date of birth certificate and a Demand Draft.
You can submit the application in person to your regional DGFT office and check the current status of your application on dgft.gov.in.
The site says that getting an IEC may cost your Rs 250 or so. The PayPal has promised to come up with specific instructions on how to get an 'Export Code' and ensure smooth bank withdrawal. Let's wait for the latest update, as ultimately PayPal announcements and instructions will matter the most.
Source : breakingnewsonline.net