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What is Import/Export Code (IEC)
- Import/export code (IEC) as the name suggests, is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to carry out the import of goods/services in India and export of goods/Services from India.
- Getting IE code is the first step to start trading internationally.
- IE code has lifetime validity.
- Exporters cannot get the benefit of exports from DGFT, customs, Export Promotion Council without IE code.
- IE code is also mandatory to pay and receive international financial transactions. In short, one cannot legally trade in international market without IE code
When is IEC Registration Required?
An IEC Registration is mandatory if you want to start an import-export business. Moreover, you would require an Import Export Code in the following conditions;
- It is necessary to get the Import Export License for the purpose of Importing and Exporting goods. It conveys the dealer code details with the port through which the products or services are being imported or exported. Illegal transport of goods is restricted, and hence IEC helps in reducing it because it is almost impossible to get import export code without giving the complete information of the items being imported or exported.
- Organizations can avail of different advantages from DGFT, Customs, and Export Promotion Council on import & export through the IEC.
- Importers need it while sending money abroad
- Exporters need it at the customs port to send his shipments
- Banks demand the IEC when processing the foreign currency received by an exporter
Import - Export Code Online Process
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What are the Benefits of IEC?
The Import Export Code is a ten-digit code, issued by the DGFT in India and in prevalence is known as the Import Export Code. IEC Registration is a mandatory prerequisite to import or export any product from India to any other country. The benefit of obtaining the IEC is that it unlocks the international market and new business opportunities for the registration holder. Also, you can considerably enroll in online International commercial centers such as Amazon, Alibaba.com, and so on.
Other benefits of the IEC Registration in India are as follows;
An embellishment of your business
Having IEC helps you to distribute your product or services to the global markets and expand your business in new ways.
Numerous embedded Benefits
The companies can avail several benefits in their imports or export business from the DGFT, Export Promotion Council, Customs, etc. through their IEC.
No hassle of filing any returns
IEC does not call for any return filing. After you get the IEC code, there isn’t any follow up for sustaining its validity, i.e. it is valid for a lifetime.
After applying, you need to wait for around 10 to 15 days to get your IEC code from the DGFT. Furthermore, there isn’t a need to provide proof of any export or import for getting the IEC.
No renewal Required
IEC, once granted, has validity for a lifetime. You don’t need to apply for any renewal or have to pin updates.
Other essential feature of IEC:
Business development: IEC empowers you to sell your items outside India, therefore, taking your products to the global market will expand your organization.
Government Benefits: The Government of India encourages export activities, and having IEC Registration. You can take benefit of this registration from the ends of departments like Customs, DGFT, and Export Promotion Council.
Fare Subsidies: Based on IEC code registration, organizations or firms can take advantage of and subsidies for their imports/exports from the DGFT.
Lifetime legitimacy: An Import Export Code is issued for the lifetime of your import-export business person requires any renewal process. So once an IEC is received, you can utilize it for all the import and export-related transactions without any interruption.
No Return Filing: IEC does not require the documenting of any return. Once an IEC is issued, there is no further process necessary to keep the legitimacy of the IEC registration. Furthermore, regardless of whether import or fare exchanges happen, there are no filings required to be submitted to the DGFT.
Any bonafide person/ company starting a venture for International trade.
Application for obtaining IEC Number in made online at DGFT website http://dgft.gov.in in the prescribed form ANF 2A.
Yes, PAN is mandatory. Self-Certified Photocopy of PAN card of the Applicant has to be submitted along with the application.
All applications will be processed and disposed within 5-6 working days of their receipt.
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