How to get the IEC Importer Exporter Code for Paypal in India
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Update – 02/03/2010
We don’t need a IEC code for Paypal bank withdrawals. What we need is a Purpose Code. You can find more details on the Paypal Blog. Most of us should have to use the codes – P0801, P0802, P0803 or P0805, P0806.
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This guide will show you How to apply for the IEC Export Code for enabling local bank withdrawals via Paypal to India.
Local Bank withdrawals in India by Paypal should start by March 3, 2010. You will need to enter the IEC / Importer Exporter Code / Export Code when withdrawing money to your local Indian Bank account.
What is the IEC?
IEC is the Importer Exporter code which is granted by the Directorate General of Foreign Trade (DGFT), to any bonafide person or company for carrying out import / export. Here is a Sample IEC.
The IEC forms the primary document for recognition by Government of India as an Exporter / Importer. On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc.
Why do you need the IEC?
If you are a Paypal user and need to withdraw money from your Paypal account to your local Bank account, you will need the IEC according to a recent RBI directive.
How to apply for the IEC “Import Export Code”?
You can apply for the IEC at the Zonal Directorate General of Foreign Trade (DGFT) office.
The application form can be downloaded here – IEC Application Form
Just fill the IEC application form (Parts A,B,D in case of a new IEC) and submit it along with the application fees – Rs. 250 DD.
If you are an individual, you can apply for the IEC as a Services Provider Proprietorship Firm.
Both savings and current accounts are accepted. You do not need a current account.
Documents Needed:
1. Covering letter
The cover letter should be on the letterhead of your firm.
2. Completed Application Form
Complete sections A,B,D of the IEC form
3. Bank Certificate
The bank certificate has to be obtained from the bank which manages your savings/current account. The format of the bank certificate is in the IEC form.
4. PAN Card – 2 copies
5. 2 passport photos
6. Self Addressed Envelope
Useful Links:
February 27th, 2010 at 4:51 pm
Hi Paatik,
Thank you for sharing this information, I am a free-lance web-designer, as well as web-hosting re-seller, so would i need to be a registered proprietorship firm , do i have to just create a letterhead with my firm logo on i.
Cheers,
February 28th, 2010 at 1:29 pm
BTW, eLagaan has some detailed instructions and information about the IEC code take a look at http://elagaan.com/business/importer-exporter-code-iec . They also provide a service to get you your IEC code.
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May 28th, 2010 at 4:08 am
Thank you for this post I know some local manufacturers which is looking for ways to increase their market for the goods they have
November 15th, 2010 at 6:33 pm
Pl send a sample covering letter format for application IEC
November 15th, 2010 at 6:34 pm
pl, send me a sample covering letter format for application OF IEC no.
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September 23rd, 2011 at 10:08 pm
pls send me a covering letter for IE code
September 23rd, 2011 at 10:09 pm
pl, send me a sample covering letter format for application OF IEC no.
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October 4th, 2011 at 5:12 pm
can u please send me a sample covering letter format for application of IEC no.
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October 30th, 2011 at 10:48 pm
When sending a CV via email is it acceptable to make the email itself you cover letter?
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