Getting an Importer Exporter Code (IEC) in India
Update: There’s No Need to Apply for IEC Code in order to Withdraw Money from PayPal! Though we all need to enter Purpose Code while withdrawing Money. For Full List of Purpose Code refer THIS Article or Browse through RBI’s List of Purpose Codes.
PayPal Payments were first halted by Reserve Bank of India and now PayPal is going to restore Bank Withdrawal Services in India soon
Now for withdrawing Money from PayPal to any Indian Bank Account, we all need an Importer Exporter Code (IEC) from Director General of Foreign Trade , Ministry of Commerce, Government of India.
Importer Exporter Code is generally required by Manufacturers and Companies who trade internationally. But now, even a Normal User will require an IE Code, if he/she wants to withdraw money from PayPal to his/her Bank Account (or Credit Card)!
How to Get an Importer Exporter Code (IEC)?
Importer Exporter Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies and Manufacturers who trade internationally. Following is a Sample Image of IEC (Click to Enlarge):
For downloading Application Form for IEC, head over to Official Site of DGFT or Download it using THIS LINK. Alternatively you can also apply for IEC at various DGFT Regional Offices.
Other Documents Required with IEC Application Form
With IEC Application Form, you will also require following documents:
- Bank Certificate
- Date of Birth Certificate
- PAN Card Photocopies
- Demand Draft of Rs. 250/- drawn in favor of DGFT
Once your Application Form is ready with all the above documents, submit them to DGFT’s Regional Offices or send them by means of Registered Post, Speed Post etc.
Feel Free to read THIS DGFT GUIDE, if you want to learn more.
You will have to wait atleast for 1 week in order to obtain your Importer Exporter Code via Registered Post.
For more updated Information/NEWS on this, do visit PayPal Blog regularly!
Note: Please Cross Check the above Information again at the DGFT Official Site, as it may change with time.
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