Import Export (IE) Code
Simple IEC Process
Import Export Code or IE Code is required for undertaking import of export transactions and availing benefits under schemes like SEIS or MEIS.
What is Import Export Code?
IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code. IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
The IE Code must be quoted by importers while clearing customs. Also, banks require the importers IE Code while sending money abroad. For exporters, IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad. The IEC does not apply to technology and services. However, it does in certain cases in which international trade is restricted, such as nuclear weapons and automatic guns.
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Documents Required for Import Export Code
- 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 copy of current bank account
- Copy of Rent Agreement or Electricity Bill Copy of the premise
- Digital Signature of Class-2 of Authorised Representatives
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Advantages of Import Export Code
Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
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.
No Filling of returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
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.
PAN Based Registration
The IEC is a pan based unique number, and against one pan number, the DGFT allocates only one IE Code, which remains valid for all over India.
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.
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IEC is required in the following situations
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