Import-Export Code

IEC is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries. IEC registration is compulsory for Indian companies for trading outside India. No business can perform foreign activities without having Import export code license. Import export license certificate is used to govern and manage the overseas activities in India. Government of India also provides various benefits to the businesses having IEC registration. It is a 10 digit code. Import export code has been made compulsory by the Reserve Bank of India for all the traders while making any payment transactions. Import export code registration is required to clear shipments of an exporter at the custom port. Import Export code is required when an exporter receives money in foreign currency directly into his bank account. It is important for all the parts of Import Export trade. After obtaining IEC, it continues for a lifetime. It does not have an expiry and requires no renewal. It serves a lifetime document.

1.When the organizations plans to perform import export activities IEC registration is required. 2.Organizations can have various benefits or subsidies from the Government, Customs, DGFT and Export Promotion Council for IEC registration. 3.Import export code registration is required to clear shipments of an exporter at the custom port. 4. Import export code registration is required by the banks to make money transfers. 5.Import Export code is required when an exporter receives money in foreign currency directly into his bank account.

No, import/export activities cannot be made with IE Code.

Following are the documents which are required for Import export code registration : • PAN Card (Individual/Company) • Passport size photograph • Identity Proof like Aadhar Card, Voter Id, Passport of the individual • Cancelled cheque of the current account (Company/individual) • Electricity bill of the premises or rent agreement in case of rented property. • Mobile number and email Id. • Certificate of Incorporation or Partnership Deed.

Import export code continues for a lifetime. It does not have an expiry and requires no renewal.

The benefits of Import Export Code registration are as follows : 1.Expansion of business globally: IEC registration helps the businesses to grow globally. IEC provides support and development to the organizations in the global market. 2.To avail various benefits: Through IEC registration businesses can enjoy various benefits and subsidies offered to them by the Government, DGFT, Export Promotion Council and customs. 3.Easy processing: It is simple and easy to obtain IEC registration. Import export code is acquired within 5 to 10 days after its successful submission. There is no proof required for getting IEC Code. 4.No return fillings: IEC does not involve in the filling of returns. There is no need to file returns to the DGFT department. After the issuance of IEC there is no return filling needed even if you carry out or not carry out the import export activities. 5.Government authorized proof: IEC is a 10 digit code which acts as a government proof and is issued by the DGFT. IEC is used to clear the shipments at the custom port. 6.Lifetime validity: After obtaining IEC, it continues for a lifetime. It does not have an expiry and requires no renewal.

There are some categories which are exempt from acquiring Import export code. These are: *Individuals importing or exporting goods for personal use and not for trading or commercial use. *Ministries and departments of State and Central Government. * Persons importing goods to/from Nepal or Myanmar, where given CIF value does not exceed Rs. 25000

Yes, a person can apply for Import export code registration.

It takes around 5 to 10 working days to obtain import export code.

Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries issues Import export code.

Following are the features of Import Export Code registrations: • No business can involve in foreign trade without having IEC registration. • IEC registration is a proof that an organization can indulge in foreign trade activities. • After obtaining IEC, it continues for a lifetime. It does not have an expiry and requires no renewal. • IEC is mandatory for import export payment transfers. • IEC is important for all the parts of Import Export trades.

Yes, you can modify the import export code information.

No compliance is needed after taking Import export code.

Yes, PAN Card is mandatory for import export code registration.

Yes, IE code is used by the custom department.

No, there is no penalty for not taking Import export code registration

Yes, one can request for cancelation of Import Export Code.

No, only one Import export code is issued to a person/entity.

No, there is no tax levied on Import export code but custom duty can be on imposed in Import export code.

Yes, foreigners can apply for Import export code registration.

When the business gets closed or there is no need of the Import export code, it can be surrendered. You can fill in the Import export code closure application on the official website of DGFT. On receiving the closure application of IEC, the issuing body cancels the Import export Code. The authorized body can further inform the custom authority regarding the cancellation of the IE Code.

No, Import export code registration is not item based.

No, Import export cannot be handed over the counter.

No, only one Import export code is required for each firms.

No, the State and Central governments do not need to take Import export code.