Comments on: Freelancer Alert: Export Code(IEC)

By: Frokostordning

Frokostordning — Wed, 10 Mar 2010 02:01:53 +0000

Hmm that’s interessting but actually i have a hard time figuring it… wonder what others have to say..

By: Samantha

Samantha — Sun, 28 Feb 2010 08:32:08 +0000

I do not think this code will be applicable for us, if the amendment bill has been passed. The amendment clearly states that “services” of any kind will fall within the ambit of the Act. Should get a clarification on this point from the horse’s mouth in a day or two.
Samantha

By: Samantha

Samantha — Sun, 28 Feb 2010 08:30:14 +0000

I do not think it is very wise to open a US bank account for this purpose. Many US banks require you to maintain a minimum balance and have a number of charges for different types of accounts. Also having an account in the US just because there is a short term hiccup in the transfer of money from paypal due to legal changes in India, is not justifiable. I would advise everyone to wait and watch and then decide on the best course to adopt. There is no point in rushing the fences.

Samantha

By: Vinita Kumari

Vinita Kumari — Sun, 28 Feb 2010 08:23:28 +0000

BTW, eLagaan.com 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.

By: divyaa

divyaa — Sat, 27 Feb 2010 23:36:56 +0000

Hi all,

I have the same issue with paypal as I am from India. I had more then $700 balance in paypal and because of the limitation, I was not able to withdrew my fund, and with in a few days more funds will hit my paypal account ( as I am a designer and I’m listed in elance, scriptlance and GAF). Now I want to share the way how I am drawing my Paypal fund in India.

I opened a Legal Personal US bank account . ( take 10 days to ship my ATM card, PIN and check book ) ( Don’t believe any offer untill its US-FDIC recognize, I have lost money in google search)

And then I Transfer my PAYPAL fund to My US Bank account ( took 2 minute).
Now I can withdrew my money from any ATM in my city. (my ATM card is MasterCard Debit card.)

I opened the account just for nothing ( only $10, for information they will ask you to deposed $200 at the time of opening the account but you can withdrew the amount anytime) and it’s a 0 balance account with an ATM card cum MasterCard Debit card, 200 page US check book. More over my account is insured up to $100,000. Now, Some of my customer wish to paid me directly in my US bank account. As a result there is no extra charges ( Paypal %) between customer and me….

I am happy that I have a legal Personal US Bank account and NOW I can withdrew Indian rupees without knowing anyone in India

http://doiop.com/USBANK for More details about the personal US Bank account.

Best of luck.

— Divya

By: Andy

Andy — Sat, 27 Feb 2010 19:16:30 +0000

Look Like we freelancers can use IEC code 0100000053 for the withdrawal as per http://www.ieport.com/frms/iec-eligibility.htm