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Import Export Code License
Import Export Code license is one of the prerequisites when you’re planning to import or export from India. It is also known as Importer- Exporter Code. IEC is required by anyone who is looking to start their import/export business in India. It is issued by the Director General of Foreign Trade (DGFT). It is a 10-digit code that needs to be renewed annually. Without IEC, the importer merchants cannot import goods. Similarly, the exporter merchants cannot avail benefits from DGFT for the export scheme without IEC.
When is IEC mandatory?
1. Customs authorities will ask for IEC when an importer has to clear his shipments from the customs.
2. Banks will ask for IEC when an importer sends money abroad.
3. Customs port will demand it when an exporter has to send his shipments.
4. When an exporter receives money in foreign currency directly into his bank account then the bank will ask for IEC.
Benefits of Import Export Code Registration
Procedure for Import Export Code Registration
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Documents Required for IEC Registration
- Copy of PAN Card of Individual or Firm or Company
- Voter id or Aadhar card or passport copy of the Individual
- Copy of cancelled cheque of the current bank account of the Individual or company or firm
- Copy of Rent Agreement or a copy of the Electricity Bill of the premise
- A self-addressed envelope for delivery of IEC certificate by registered post
Documents Required for IEC Renewal
- 14 Digit IEC license number
- PAN card details of all the directors/partners/proprietor
- Residential Address details of all directors/partners/proprietor
- Entity PAN Card (if any)
Note: All of the above details must be the same as the registered IEC License.
Frequently Asked Questions
A lot of people have the wrong idea that separate IEC codes are required for Import and export, but that’s not the case. There is only one registration for import and export and the same Import Export Code (IEC) number can be used while importing as well as exporting.
Generally, people assume that they need IEC only for the import or export of goods. But it is necessary for both goods as well as services. Import or export of services is also an international transaction. So any person providing services beyond the boundaries of India has to make an online IEC application and get the Import Export Code.
It has been recently updated by the DGFT that every IEC holder will have to ensure that the details of their Import-Export code are updated electronically every year between April to June. Even when there are no changes during a year, the same needs to be confirmed online every year. The last date for renewal of IEC is 31st July 2021.
In the past, the IEC department would issue a separate number for the Import Export Code. Recently, the Ministry made revisions as a result of which the PAN of an applicant will be the registration number of IEC. Hence, the PAN and IEC numbers will be the same. The Ministry will register the applicant under IEC and issue the approval letter immediately notifying PAN as their IEC number.