Best PayPal Alternatives in India

PayPal is one of the most popular online payment service used in India but as we see in past few months the tiff between PayPal and Government of India has been a disaster for SMB's units in India. People in India unable to withdraw money via PayPal account till they get IEC code.

We had already discuss once about the alternative of PayPal "Use Xoom to Get your money from PayPal to your Local bank" but that too is not too much efective. Here are some best alternatives available for PayPal and can be consider for online payment processing.

www.moneybookers.com : It is free to join and is available for transaction in a lot of countries. It also provides bank transfers unlike PayPal, where the only option is to receive the money by check. It is fast, easy to use and very secure. Moneybookers enjoys tremendous popularity owing to these factors.

www.alertpay.com :AlertPay ensures the safe and speedy transactions by credit card, allows transactions from more than 190 countries, has provision to shop and sell securely, and permits flexible depositing and withdrawal options. The AlertPay online business account is designed to specifically help online businesses.

www.ikobo.com : iKobo has been helping people send money safely, quickly and easily since 2001. With iKobo you can send money anytime day or night and money can be picked up using the iKobo prepaid Visa card at over 1 million ATMs worldwide. The iKobo card can also be used to make purchases at the over 20 million stores that accept Visa

www.2checkout.com : This international online payment service has proved to be a secure reseller for thousands of tangible and digital products and services. Fast and easy to use, this service employs effective fraud detection mechanisms. The service also promises a 30 day money back guarantee in case of dissatisfaction.

www.epay.propay.com :ProPay has been instrumental in providing simple, safe credit card processing and electronic payment services. It also provides a suite of secure, end-to-end, enterprise payment solutions. This service helps businessmen to set up online accounts and accept payments without any long term investment or commitment. It also educates merchants on how to eliminate or reduce the risk of holding sensitive cardholder’s data.

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

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."