Import Export Code (IEC)
WHAT IS IMPORT EXPORT CODE ?
- An IEC (Import Export Code) is a special 10-digit code that every Indian business involved in import or export activities needs to have.
- If you're an exporter, having an IEC is essential because it allows you to send goods abroad and receive payments from foreign banks. It's a crucial part of international trade.
- Moreover, having this code also opens the door to various benefits, such as incentives offered by the Directorate General of Foreign Trade (DGFT) and other export promotion schemes. So, it's not just a requirement; it can also be a valuable advantage for your import/export business.
What is an Import Export Code (IEC)?
An Import Export Code (IEC) is a 10-digit code issued by the DGFT in India. It is required for any person or entity involved in importing or exporting goods and services from India. It is a mandatory requirement to engage in international trade.
Why do I need a consultant to help with IEC registration?
While it is possible to apply for an IEC on your own, many individuals and businesses prefer to use a consultant to navigate the process efficiently. Consultants are well-versed in the application process, documentation requirements, and can help ensure that your application is complete and accurate, reducing the chances of rejection.
What documents are required for IEC registration?
The specific documents required may vary based on your business type and the consultant's guidance. However, common documents include PAN card, Aadhaar card, bank certificate, and a cancelled cheque.
How long does it take to get an IEC after applying?
The processing time for an IEC application can vary, but it typically takes 1-2 weeks for the DGFT to issue the IEC after all the necessary documents have been submitted.
Can foreign individuals or companies apply for an IEC in India?
Yes, both foreign individuals and foreign companies can apply for an IEC in India if they intend to engage in import/export activities with Indian businesses.
Do I need an IEC if I'm only exporting or importing goods for personal use and not for commercial purposes?
An IEC is generally required for any import/export activity, whether it is for commercial or personal use. However, there are exemptions for certain categories of individuals, such as diplomats and UN organisations. It's essential to consult with your consultant for personalised advice.
Is there an annual renewal fee for the IEC?
No, there is no annual renewal fee for the IEC. Once issued, the IEC is typically valid for the lifetime of the entity unless it is cancelled or surrendered.
Can I make changes to my IEC details after it's issued?
Yes, you can make changes to your IEC details by applying for modifications with the DGFT. This might include changes in address, authorised signatories, or other details related to your business.
Can I use my IEC for both importing and exporting, or do I need separate codes?
Your IEC can be used for both importing and exporting activities. You do not need separate IECs for each.
What are the consequences of not having a valid IEC when engaging in international trade?
Engaging in international trade without a valid IEC is illegal in India. It can lead to penalties, confiscation of goods, and legal issues. Therefore, it's crucial to ensure that your IEC is up-to-date and valid before engaging in any import/export activities.
Documents Required
- PAN Card of the Business
- Aadhar Card of Authorised Person
- PAN Card of Authorised Person
- Passport-sized Photograph of Authorised Person
- Address Proof of Business
- Bank Certificate or Cancelled Cheque