The Import Export Code (IEC) is one of the key business identification numbers which is mandatory for performing Exports or Imports. No person/entity shall proceed with any import or export except it gets an IEC Number issued by the Directorate General of Foreign Trade (DGFT), unless specifically exempted. Import Export Code (IE Code) is a mandatory registration issued to businesses and persons dealing in import and export of commodities and services in India.
One doesn’t need to be a registered entity to apply for import export code; you can apply even as an individual. Any Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society can apply for IEC and requires the IEC Certificate when it wants to start its business of import export. IEC is a 10 digit code .
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.
As per the recent notification from the DGFT, an IEC holder has to ensure that the details are updated electronically every year (April-June) even if there are no changes in IEC. If the IEC is not updated within the stipulated time, it shall be de-activated. One can get the IEC active upon updating the same. An IEC can also be marked in scrutiny by DGFT. IEC holder is required to address the concerns raised in scrutiny otherwise the IEC shall be de-activated.
IEC Certificate is also known as Export License, Import License, IE Code, IEC code, EXIM License. All have the same meaning.
1. When the money is sent abroad by importer through banks then it’s needed by the bank.
2. Customs authorities ask for IEC when an importer has to clear his shipments from the customs.
3. When an exporter has to send his shipments then he is required to show IEC at the customs port.
4. Whenever an exporter receives money in foreign currency directly into his bank account then the IEC is required by the banks.
With our experienced and skilled personnel, We at UpriseLegal makes process of registering your Import Export Code very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on how to register the IEC, as UpriseLegal is there to provide all the assistance that you need. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow! You may get in touch with our compliance manager on 9173512402 or email us at [email protected] for free consultation.