Paypal resume services in India
RBI has allowed Paypal to facilitate transactions in India, user can withdraw from Indian banks who uses Paypal to sell products/services. RBI has earlier suspended Paypal operations since Paypal needed specific approvals to allow personal inward remittances to India.
The Payment and Settlement Systems Act, 2007 stipulates that no person other than the RBI, shall commence or operate a payment system, except with an authorization issued by the RBI under the provisions of the Act.
Paypal agreed to RBI rules and regulations and as per new guidelines exporters need to fill out new ‘Export Code’ when they request a withdrawal. An Importer Exporter Code (IEC) is allotted to exporters in India after they provide detailed information on their businesses, including their income tax identification number.
What is an IEC?
IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies. IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.
The online IEC application form can be downloaded from here iec-form.
-Hitesh, vcBytes.com
