PayPal has been in the talk for quite some time due to their unexpected behavior. Many Indian entrepreneurs, freelancers and eBay users have suffered a lot in this period.
Eventually, PayPal has sorted out some of the important issues and people from India can now withdraw money from 3rd March. They have updated each user about their latest progress through an email.
Here’s what they have mentioned in the email -
Today, we are happy to announce that the RBI has allowed us to continue local bank withdrawals for settlements for exports of goods and services. We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that, as of Wednesday, March 3rd, customers will be able to use our bank withdrawal service.
As part of the changes, you will be required to fill out a new field entitled ‘Export Code‘ when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions.
Although PayPal is going to start bank transaction facility, personal payment system is still blocked for Indian users. Also, if you want to transfer money to your bank account, you will need a 10 digit code (IEC). To get this code, you will have to follow long procedure.
PayPal will be providing more information on coming Monday so that people could enjoy the experience of this service once again. If you want to know how you can get IEC, read following steps thoroughly.
How to Get Import Export Code in India?
As said earlier, it is a 10 digit code. You can get this code by submitting a form to Director General of Foreign Trade office. Download application form from dgft.gov.in or use direct download link given below.
- Download IEC form – Link
- Fill the form appropriately.
- Keep important documents such as PAN card copy, bank certificate, Date of Birth certificate and a Demand Draft of Rs. 250 (Please verify the price of DD from local DGFT office.)
- Submit it to DGFT office.
The steps are pretty much simple, but it would be difficult to predict the ETA of your code.
This is the only way through which you can get your IEC number from Indian government. Don’t go for shortcuts or unethical ways to get your code. I will update this post if I get more useful information regarding PayPal.
Update: Purpose Code is required for PayPal India.
