Import Export Code
An Import Export Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
Situations Where IEC is Required
- When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
- When an importer sends money abroad through banks then it’s needed by the bank.
- When an exporter has to send his shipments then it’s needed by the customs port.
- When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.
Benefits of IEC
1. Expansion of Business – IEC assists you in taking your services or product to the global market and growing your businesses.
2. Availing Several Benefits – The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
3. No Filing of returns – IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of process for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
4. Easy Processing – It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
5. No Need For renewal – IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
Documents required for IEC (Import Export Code) Registration
- Individual’s or Firm’s or Company’s copy of PAN Card.
- Individual’s voter id or Aadhar card or passport copy.
- Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
- Copy of Rent Agreement or Electricity Bill Copy of the premise.
- A self-addressed envelope for delivery of IEC certificate by registered post.