Get IEC Code for Paypal Withdrawal in India

To  keep a track on the money coming to India via PayPal, Ministry of Commerce and Industry has introduced this criteria where individuals need to fill in this ten digit number(IEC Code) to get their money out of the PayPal account.

Let me tell you what’s the IEC is ?

IMPORTER EXPORTER CODE ( in short IEC ) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export.

Where to get an IEC from?

IEC can be obtained from any of the Zonal and Regional offices of Director General of Foreign Trade depending on area/region where the individual/company is located. You can find a list of offices here.

Application procedure

The application form can be downloaded from http://www.dgft.org

The documents that you need for filing the application:

For Proprietorship firms:

• Covering letter
• Date of Birth of individual
• Number of IECs held along with their details
• Bank Certificate from the bank on Bank letter head as per proforma

For Companies:

• Covering letter
• Bank Certificate from the bank on Bank letter head as per proforma
• Extract of Board of Resolution.
• MOA with Form 32 and ROC in case of change in Directors.

For Others:

• Covering letter
• Bank Certificate from the bank on Bank letter head as per proforma
• Notorised Partnership Deed showing date of formation.
• No Objection Certificate from other partners/HUF.

Guidelines for filling the application:

• Fill Part A, B & D of the application form.
• Self certified copy of Permanent Account Number (PAN) issued by income Tax Authorities.
• Two copies of passport size photographs of the applicant. The photograph pasted on the banker’s certificate must be attested by the banker with Seal and Signature of the applicant.
• The application must be submitted in Duplicate.
• Each individual page of the application must be signed by the applicant.
• Self addressed envelope stamped with Rs. 15 (Local Address) & for others Rs.20/-. These documents may be kept secured in a file cover.

Fees for Applying

Application fee is Rs. 250/- which can be paid through Demand Draft/ Pay Order from any designated bank in favour of Zonal Joint Director General of Foreign Trade  of that region/ area.

How to submit application

Application can be submitted in person/by Authorised Employee of the Company at the R & I counters in the office Or It can be sent by post/courier.

Processing of Application

The application can be submitted at the counter in person at the office or it can be sent through Post/Courier. An acknowledgement in form of a receipt having File Number is generated on receipt of application. The file number is used for any correspondence/query regarding the IEC application submitted to the office. The application is then sent to IEC section where it is processed. If the application is found complete in all aspects (as per requirements prescribed) an IEC is generated, or else a deficiency letter stating the nature of deficiency is prepared and sent to the applicant. Replies are awaited in cases where deficiency letter is issued and after due compliance by the applicant the IEC is allotted.

Issue and Despatch of IEC

IEC allotment letter is sent through post at the registered office mentioned by the applicant in the application. Similarly deficiency letters are sent to applicant by post.

IEC File No. and Status

IEC application status available on the website of CLA

File No for IEC application

A new option to know the file number has been introduced for all exporter who are sending their application through Post/Courier. The applicant has to input PAN number to get the file number.
Status of IEC Application
The applicant can know the status of the IEC application using option “Status of IEC Application” on the website of CLA.
IEC issued day wise
IEC’s issued daily can be viewed on the website using option “IEC issued day wise”
File No for IEC application
Applicant’s who have sent their application through post/courier can know their file number using option “File No for IEC application”

Source: Ministry of Commerce and Industry, India

Happy Blogging ! Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com
http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

PayPal Update for Indian Users

Hi Friends

As I mentioned the situation of PayPal in my last two blog post :

·        PayPal Temporarily Stop Some India Services

·        Why PayPal Stop Personal Payments in India?

Here is an update to PayPal users from India. As of now the issue will take approx another 10-15 days time. Because of this current isuue lot of people in India are facing problem and they have several queries to find out the solution. Here are some possible questions along with the answers.

To keep track of payments that have been reversed is painful as well. Paypal tried answering the question as why it has suddenly stopped certain payments for India. Most of the questions have been answered by Anuj Nayar in The Paypal Blog.

1. Why did you suspend local bank transfers and personal payments to and from India?

We temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India.

We’re working with the regulators and our bank processing partners in India to get this resolved as quickly as we can. We realize that this is causing considerable inconvenience to our customers and I want to reassure you that this is a top priority for the leadership at PayPal

2. When will personal payments be turned back on?

The regulators recently let PayPal know about revised licensing rules that we are now actively engaged in securing. Personal payments to and from India will be suspended for at least a few months until we fully resolve the questions from the Indian regulators.

3. When will local bank withdrawals be available?

Customers should be able to withdraw their funds to a local bank within the next few days. In the meantime, we’re going to restore the money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges.

4.The PayPal reversal has left me with a negative balance. What shall I do?

If you bought something or transferred money out of your PayPal account to your bank account before we reversed the payment then you may be left with a negative balance.

If this was a payment for a purchase of goods or services, you should contact the sender and have him or her resend the payment as follows:

(a) click the Send Money tab, and

(b) select “purchase.”

If this was a personal payment, then the sender will need to find another payment method until we restore the service.  We’re sorry about this.

If you can’t recover the funds from the sender, you can bring your PayPal balance current by logging in to the PayPal account and clicking the “Resolve Negative Balance” link on the Account Overview page.

5. My payment was reversed but it was not a personal payment. What happened?

Only personal payments should have been reversed. Customers who believe that their payments were reversed in error should request that the payment be sent again by following the steps above (click the Send Money tab and select “purchase.”)

If you are still having problems, please contact PayPal customer support

I hope that this helps clear up some of the confusion around the situation in India.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."