Paypal Resumes Local Withdrawals to Indian Banks, Here is how to get Export Code

Paypal has resumed withdrawal to Indian banks for settlements for exports of goods and services (and not personal payand one would need Export Code to enable the same. Here is how to get Export Code.

[Updated on March 3rd: Paypal users will need Purpose Code to withdraw to Indian Banks]

Paypal will resume withdrawal to Indian banks for settlements for exports of goods and services (and not personal payments) by March 3rd. In order to avail the same, one would need Export Code.

“I’m pleased to tell you that the RBI has now allowed us to resume 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, we will be able to resume the 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.

Moving forward, the RBI has told us that PayPal needs specific approvals to allow personal inward remittances to India, which we currently do not have. Until we get these approvals, personal payments into India will remain suspended. However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services.” – blog

Actually, you need IE code or a FIRC (Foreign Inward Remittance Certificate) to enable transfer to Indian Banks.

How do I obtain IE Code or FIRC ?

To obtain an IE code, elagaan.com team sent us the following procedure

For Pvt. Ltd. companies

  • Details of all directors (Full name, Fathers name, Residential address, phone number, email address)
  • Regd office address of the company alongwith details of all the branches they have
  • PAN card of the company
  • Type of exporter (Merchant, Service provider, Manufacturer etc.)
  • Bank account details of the company
  • MoA, AoA and proper Board resolution for the same
  • Bankers certificate (in specified format)
  • DD of Rs. 250/- as application fees in favour of JDGFT or DGFT depending on the region in which the registered office is situated.
  • An application to the concerned officer (JDGFT/DGFT) and all the papers in Duplicate set.

For Proprietorship Concerns/ Individual application:

  • Details of all Proprietor (Full name, Fathers name, Residential address, phone number, email address)
  • Details of  address of the company/individual alongwith details of all the branches they have
  • PAN card of the company/individual
  • Type of exporter (Merchant, Service provider, Manufacturer etc.)
  • Bank account details of the company/individual
  • Bankers certificate (in specified format)
  • DD of Rs. 250/- as application fees in favour of JDGFT or DGFT depending on the region in which the registered office is situated.
  • An application to the concerned officer (JDGFT/DGFT) and all the papers in Duplicate set.

You can also download the application form from here.

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