Import Export Code also known as IEC Code which is issued by the DGFT (Director General of Foreign Trade). When an individual want to start an Import or Export business in India, then the Import Export Code is needed to be obtained. Without this code it is not possible to start any type of business being dealt in Indian Geographical area. Department of Commerce sets all the rules and regulation through DGFT to acquire the IEC Code and all other mandatory requirements.
Some set of rules and regulation should be adhered when an individual is applying for the IEC Code. Only after fulfilling certain conditions, an Import-export code can be issued from DGFT. Basically, IEC Code is the PAN no. of the applicant DGFT registered PAN number of the applicant is in the Director General of Foreign Trade database. After the confirmation from the DGFT, the applicant can use the PAN number as the Import Export Code.
Import-export code is nothing, but a ten digits unique ID issued by the Director-General of Foreign Trade, Ministry of Commerce, GoI to Indian Companies. In simple terms, the IEC code is required by exporters & importers to operate their import or export business. So, IEC is an essential requirement, and no person or entity shall make any import or export without IEC number.
When is the IEC Code Required?
- Custom authorities need it to clear shipments during imports.
- The bank needs it to transfer the money when imports are made.
- Similarly, during export, the shipments, the IEC is required.
- IEC code is required when exporter is received money in foreign currency, it helps to transfer the money to his/her account directly
Documents Required for Import Export Code Registration: –
- Recent photographs of Promoters/Individuals/Company/Director
- Pan Card of each Shareholder & director
- Identity Proof like Voter ID, Driving License, Passport
- Proof of Address Like Bank Statement, Electricity, Mobile, Telephone Bill
- Proof of Registered Office
- Latest utility Bill as proof must be Latest
Is Import Export Code is only required for goods?
It is considered that Import Export Code is only for import or export of goods. But it is essential for both goods as well as services. Import or export of services is counted as an international transaction. So, any individual who are providing services beyond the boundaries of India need to make online IEC application.
Is There Any Renewal Process and Returns in Import Export Code?
IEC registration is a one-time registration. Because it contains lifetime validity, so there is no need to renew it. Import Export Code is to be quoted at the time of importing or exporting or paying or receiving payments.
Process of IEC Code Registration: –
After acquiring all your essential document, let us look at the complete application Process of IEC Registration.
Steps Involving in IEC Registration Process: –
Step 1: Go to the DGFT Website.
Step 2: Click on the Services tab and enter to the IEC page.
Step 3: Enter your PAN number whether you are a Person or any Company PAN Card
Step 5: Enter your mobile number to get one-time password verification process.
Step 6: Fill and Update Application Entity Details
Step 7: Fill and update the Director/Partner details.
Step 8: Upload essential Documents Scanned Copies.
Step 9: Process for the Fee Payment Mode can be – Debit/Credit Card Net Banking
Step 10: Submit the form and the process is done.
In case, if anyone lose or misplace their IEC number, then you can request for duplicated IEC code. the issuing authority may consider requests for grant of a duplicate copy of IEC no. if accompanied by an affidavit.