Import Export Code
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Overview of Import export code
Import Export Code (IEC) is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India. It is a mandatory requirement for any person or business entity that wants to engage in import or export activities in India.
The IEC is unique to each business entity and is valid for a lifetime, i.e., there is no need to renew or update it. It is also used as a PAN (Permanent Account Number) for international transactions and is required for customs clearance of goods.
The IEC application can be made online through the DGFT website, and the required documents need to be uploaded as per the prescribed format. The application fee for IEC registration is nominal, and the certificate is issued within 1-2 working days, subject to submission of all the required documents.
The IEC is an essential document for businesses engaged in import or export activities, as it helps to establish their identity and credibility in the international market. It also enables them to avail various benefits under the Foreign Trade Policy, such as duty drawback, export incentives, and more.
Benefits of Import Export Code
The Import Export Code (IEC) provides several benefits to businesses engaged in import or export activities in India. Some of these benefits include:
Legitimacy and Credibility: The IEC helps to establish the legitimacy and credibility of the business entity in the international market, which is essential for building trust with overseas buyers or suppliers.
Access to Global Markets: The IEC enables businesses to participate in global trade and access new markets for their goods or services.
Avail Export Incentives: The IEC is a prerequisite for availing various export incentives and benefits under the Foreign Trade Policy, such as duty drawback, MEIS, SEIS, and more.
Easy Customs Clearance: The IEC is mandatory for customs clearance of goods and simplifies the process of importing or exporting goods. Without an IEC, businesses cannot clear their goods through customs.
No Renewal Required: The IEC is issued for a lifetime, and there is no need to renew or update it. This makes it a hassle-free process for businesses.
Helps to Obtain Bank Loans: The IEC serves as proof of the business's existence and activities and can be used to obtain bank loans or credit facilities for import or export activities.
One IEC for Multiple Branches: Businesses can use a single IEC for all their branches or divisions engaged in import or export activities, which eliminates the need for multiple registrations.