Import Export (IE) Code registration is required for persons who import or export goods and services from the Indian country. The IE Code is issued by the Ministry of Commerce and Industries, Directorate General of Foreign Trade (DGFT), Government of India. IE codes can be utilized by the entities throughout their existence and it does not require any filing or renewal. So, IE code is recommended to most of the organizations.
Import Export code is called out in many names say Import Export Code, Import Export Number, IEC License, IEC License, Importer Exporter Code etc. The IE code contains a TEN DIGIT code which is obtained from DGFT. IE code can be obtained either in the personal name or company name.
What are the steps involved in registering Import & Export Code in India?
As per the Foreign Trade Policy, IEC is quite essential for all the importers and exporters. The following steps are involved in registering IEC in India.
Digital Signature: As IEC registration process is done through online, it should be signed with the Digital signature. DSC tool is used to sign on computers.
Filling & Uploading: The person should fill the application and upload the documents without any errors. Even a small mistake will lead to the rejection of the application. An application fee needs to be paid to the Government.
Follow up: Soon after filing and submitting the application through online, the person should follow when IEC is not issued within the time limit.
After submitting the application, the DGFT will issue the IE code within 15-20 working days.
What are the advantages of IEC Registration?
- IEC Registration yields an International Market opportunity to those who trade in the domestic market.
- IEC online registration has lifetime validity without any compliance
- IEC can be used for both Goods and Services by the Trader, Service provider, Manufacturer
- IEC registration cost is cheap and it connects the person with the world.
- The Government of India entertains the Export activity in the country. So doing IEC code registration will avail the benefits of the export scheme from Export promotion council, DGFT and customs.
- Even an individual can obtain the IEC code and the individual need not require registering as a legal entity.
The documents required for IEC registration:
Individual / Proprietorship
- Personal Pan Card
- Personal Voter Identification / Aadhar / Passport copy / Driving license
- Cancelled cheque of Current Account
- Rental agreement / EB copy / Sales deed of the premise copy
- Passport size photo
Company / Partnership / LLP
- PAN card of the authorized person
- PAN card of the entity
- Voter Identification / Aadhar / Passport copy / Driving license of the authorized person
- Passport size photo
- Cancelled cheque of Current Account
Requirements for IEC registration:
In India, only one requirement is for IEC code i.e. the business name must be printed on the cancelled cheque copy. The application may be rejected if the name is not printed.
If the goods are exported through couriers such as DHL / FedEx, then IEC code registration is quite necessary.
Though IEC can be applied to SB account, but still having a Current account is important.
If the goods are imported from a different country in a large quantity, then keeping IEC code is vital. If not, the customs authorities will deny the goods.
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