Import Export Code (IEC): Everything You Need to Know
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What is Import Export Code (IEC)?
Import Export Code (IEC) is a 10-digit number given by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India. It is necessary for any business that is involved in the import or export of any service or product from India.
Importance of Import Export Code:
- Legal Requirement: IEC is important for any international trade to be conducted and not violate any laws.
- Global Recognition: A great deal of assistance for offering their services in foreign markets.
- Customs Clearance: For clearance of goods and services that are being imported or exported.
- Bank Transactions: For payments in foreign currencies.
Who Needs an IEC?
- Businesses that carry out international trade.
- Individuals or sole traders who want to import or export items.
- E-commerce businesses that sell internationally.
How to Apply for IEC?
Step-by-Step Process:
- Visit the DGFT Portal: Visit the dgft website (https://dgft.gov.in).
- Register and Login: Create an account and log in to the portal.
- Fill the Application Form: Fill out ANF 2A form.
- Upload Documents: PAN card, Aadhaar card, and bank account information must be provided.
- Payment of Fee: Pay the set application cost.
- Get IEC Code: After successful verification, you will receive an email containing the IEC code.
Documents Needed
- Applicant’s PAN card
- Identity Aadhaar card or Passport
- Proof of Business Address
- Canceled Cheque or Bank’s Certificate
Advantage of the Import Export Code
- Access to International Markets: Engage with international trade with ease.
- Incentives from Government: Get availed of subsidized and export schemes.
- Seamless Bank Transactions: Quick and efficient processing of foreign monetary aids.
- Lack of Annual Compliance: No renewals shall be necessary post issuance of IEC
FAQs
- Is IEC compulsory for all types of businesses?
Ans: Yes, it is compulsory for every business or person who deals with international trade.
- How long does it take to receive the IEC?
Ans: It takes 2-3 working days after applying.
- Does IEC require any form of renewals?
Ans: No. IEC has no need for renewals of any form.
- Can IEC be changed or updated?
Ans: Yes, you can change your IEC through the DGFT portal.
- What happens when I do not have an IEC?
Ans: In the absence of an IEC, one cannot legally export or import goods and services from India.
