Comments on: PayPal needs IEC for Bank Withdrawal in India

By: Harshad

Harshad — Wed, 30 Jun 2010 16:05:57 +0000

Those who are making transactions from PayPal to Indian banks will have to use IEC.

By: Prachisethi

Prachisethi — Wed, 30 Jun 2010 12:32:17 +0000

Thanks, so u mean to start up an internet business also one needs The IEC?

By: PayPal adds 'Purpose Code' for Indian Bank Withdrawals

PayPal adds 'Purpose Code' for Indian Bank Withdrawals — Mon, 01 Mar 2010 19:24:00 +0000

[...] According to the new rules of Reserve Bank of India, PayPal team has included a new “Purpose Code” field. This code basically helps banks identify the nature of the cross border transaction and it is different from Importer-Exporter Code (IEC). [...]

By: Harshad

Harshad — Sun, 28 Feb 2010 10:50:22 +0000

That’s true. IEC should have been kept only for big companies and entrepreneurs.

By: Harshad

Harshad — Sun, 28 Feb 2010 10:50:00 +0000

That’s true. IEC should have been kept only for big companies and entrepreneurs.

By: Harshad

Harshad — Sun, 28 Feb 2010 10:44:49 +0000

Thanks for sharing the link.

By: Harshad

Harshad — Sun, 28 Feb 2010 10:44:00 +0000

Thanks for sharing the link.

By: Rajan

Rajan — Sun, 28 Feb 2010 07:31:33 +0000

One more case of RED TAPE by corrupt, lazy Govt. Clerks of India.

IEC was created at a time when PAN Cards did not exist.
IEC captures duplicate information (same as PAN Card).

Therefore PAN Card should have been enough, no need for IEC. But if govt. of india allows this, corruption and harassment will reduce. NOW THAT CLEARLY IS NOT THE GOAL.

By: Rajan

Rajan — Sun, 28 Feb 2010 07:31:00 +0000

One more case of RED TAPE by corrupt, lazy Govt. Clerks of India.

IEC was created at a time when PAN Cards did not exist.
IEC captures duplicate information (same as PAN Card).

Therefore PAN Card should have been enough, no need for IEC. But if govt. of india allows this, corruption and harassment will reduce. NOW THAT CLEARLY IS NOT THE GOAL.

By: Vikram Singh

Vikram Singh — Sun, 28 Feb 2010 07:29:53 +0000

BTW, eLagaan has some detailed instructions and information about the IEC code take a look at http://elagaan.com/business/import-export-code-iec . They also provide a service to get you your IEC code.