IEC stands for Import Export Code or Importer Exporter Code which is represented by a 10 digit number issued by DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is valid for the life time of the business and no need for renewal. Import and Export Code (IEC) is compulsory for every business, who is engaged in overseas business.
Obtaining this code is necessary for Bonafide firms or people who need to begin a business of import and export in Indian Territory. For instance, if you’re exportation loom from India to the us, you won’t be able to do therefore without an IEC license. It’s necessary to require importer and exporter (IEC) Code who is looking to expand his business and its revenue by import and export business within the country.
Obtaining an IEC needs fulfilment of sure conditions and adherence to specific rules. DGFT has many regional offices throughout Republic of India, and it’s attainable to get IEC from the closest zonal or regional workplace.
Previously, the method was slightly long drawn, and other people who needed to use for an IEC code on-line had to submit a digital signature that led to important confusion. To avoid this, the DGFT (Director General of Foreign Trade) has created changes within the method of applying for IEC. Essential changes include:
- The PAN is now the IEC code. Thus, a seller can obtain only one IEC code obtained against one PAN.
- Automatic PAN Verification is enabled for ease of business.
- No digital signature will be required for filling up the IEC form
When it’s Required?
- Custom authorities can raise a similar when an businessperson approaches them for obtaining his shipment clear at customs.
- It is additionally asked by the bank from importers once they are remitting their foreign creditors.
- Bank additionally demands of a similar when businessperson receives any quantity in foreign currency directly into his checking account.
Why is IEC Required?
- IEC acts as a License for importation and commerce product.
- IEC is registered together with dealer code details with the port through that the products are being imported or export.
- Goods square measure cleared from customs authorities through IEC.
- IEC reduces transport of banned goods: nobody will acquire IEC without full data of the great that may be imported or exported. Therefore it restricts transport of banned merchandise.
- Companies will get pleasure from numerous advantages on imports and exports from DGFT, Customs, and Export Promotion Council etc.
- Application form for IEC is now accessible on-line
- An application ought to be created in form no. ANF 2A
- A checking account and PAN (permanent account number) and a valid mobile number are necessary conditions for applying for an IEC
- Parts A, B, and D of an IEC form are required to be stuffed in and submitted for getting a new code
Documents needed for Registration of Import/Export Code:
Following documents are required:
- Copy of PAN of Individual’s / Firm’s or company’s
- Passport size photograph
- Individual’s citizen Id or Aadhar card or passport copy
- Cancelled copy of cheque of Individual’s/ Firm’s/Company’s or Bank certificate
- Proof of address, for example: Copy of the rent agreement or electricity bill of the premises.
- Self-declaration/ Board resolution
[In case the address proof isn’t within the name of the someone firm, a No Objection Certificate (NOC) by the firm premises owner in favour of the firm together with the address proof is to be submitted as one PDF document].
For help in filling up form for IEC, each regional and zonal workplace contains a professional. The filling of application offline or on-line isn’t tough as directions are clear and probably.
Online forms are mechanically submitted if they’re stuffed in step with directions that seem on your display screen.
Issue and Dispatch
You will be sent an auto-generated IEC over e-mail or SMS together with a link to transfer and print the IEC.
Once the IEC reaches you, you become eligible for participating in exportation and importation activities.
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