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."

Indian taxi Driver use the power of Social Media, How about You ?

One of the Indian Driver based in Varanasi understand the importance of Social Media, its an old story but worth to know how a Taxi Driver use a social media to kick recession. The short story will definitely help you to understand the power of Social media specially for those who still feel Social Media is for time pass.

The story takes place at the North of India in the year 2008, where Devesh Mishra, a Taxi driver, is facing a problem due to the slow down in Indian Travel Industry. As a result the competition has increased among the taxi drivers and it has become difficult to get a good business.

What would you do when you are facing such problems in your business? Well, Devesh Mishra shares his problem with one of his customer from Singapore. He expresses how his business has been affected. Very interestingly, his Singaporean friend suggests him to open a YouTube Video. Devesh Mishra than contemplates over the idea, he knows about the internet but not YoutTube. Then one day one of his friend from Switzerland helps him to set up a video, and there he goes in front of a camera informing about his business to the world.

Soon after the release of the video, he starts receiving humble amount of customers. His business starts to flourish and now he gives his dedicated time surfing the internet and reading mails from his customer.

Now whats your reaction on this story,you may say well this is a pretty good story. But I would like you to clearly understand the moral of the story which I find is the core of the story. First of all, Social Media is not a fancy word and is not something that is related to a platform or a technology. Social Media is a cultural change that we are witnessing due to the changing technology. But the core values of Social Media is still the same.

Talk with your customer- as Devesh did “I know a little bit of English as I am intermediate (10+2) educated. However, in the video, I was helped by my friend as he told me what exactly to speak in front of the camera.”

Take your initial step to next level- as Devesh took“I created my email id on Yahoo and now I religiously surf the internet at least twice a week. I get hundreds of emails every week. Most of the mails are from foreign travellers looking for my services. I also visit Yahoo and Google to be always updated about latest happenings”

Educating Others-as Devesh Educating his family “I have four children and I am educating them how to use internet. I have also been trying to promote the idea of putting up similar videos on YouTube to other small businessmen in Varanasi. But they seem to be ignorant about the power of internet”

Happy Blogging !

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

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