Import Export Code is an important requirement for businesses undertaking import or export activities. The first essential requirement for commencing import or export activities is Import Export Code.
Import Export Code is a 10 digit unique code issued by Director General of Foreign Trade (DGFT) Ministry of Commerce. IEC Code is important for importers at the time when shipments get cleared from customs and when funds are sent overseas.
For exporters, it is essential when money is transferred to their bank accounts and when sending in their shipments.
Import Export Code helps the applicants to access global markets and expand their business to a global level.
The Import Export Code is issued one time and is valid for a lifetime. One can claim the benefits of various schemes launched by the government by the Import Export Code.
Applicability of Import Export Code
Import Export Code is used by the importers or exporters for undertaking their transactions in the global markets.
Import Export Code also helps the IEC holders to avail of various benefits as provided by the government on import or export of goods or services.
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Documents Required for Applying Import Export Code
The Documents required for applying the Import-Export Code are mentioned as follows :
- Bank Certificate in FORM ANF-2A(i) / Pre Printed Cancelled Cheque
- Address Proof :
- Sale deed in case of self-owned premises or
- Rent agreement / Lease Deed in case of rented or leased premises or
- Electricity bill / Telephone Landline bill / Mobile Postpaid bill in name of the applicant only
The applicant should note that in case the address proof is not in name of the applicant firm, then a No Objection Certificate (NOC) by the firm premises owner in favor of the firm along with the address proof is to be submitted as a single PDF Document
Documents Required for Applying Import Export Code
The Process for applying Import Export Code in India is as follows :
- The applicant shall file the relevant documents online along with prescribed fees for obtaining Import export code.
- The details and documents provided for obtaining import-export code shall be true and correct.
- The applicant needs to provide email and mobile number while applying the Import-Export code.
- Submit details to DGFT Regional Authority online.
- If the application is signed digitally, then there is no need to send application form physically.
Grant of Import Export Code
After Submission of online application along with fees and requisite documents for grant of Import Export Code, IEC will be generated automatically and the intimation regarding the same shall be sent to the applicant via email id and SMS along with a hyperlink to download them and print the E-IEC.
Post Verification of Import Export Code
After the grant of e-IEC, the Concerned Authority may conduct post verification of granted IEC. In case of any incomplete or false information or documents come across during verification, then that may cause the IEC to get canceled or suspended.
Also, incomplete or false information or documents may lead to penal and legal action against the applicant.
Validity of Import Export Code
Once the applicant gets the Import Export Code, it shall be valid for a lifetime, unless there is some fraud or any other false act done by the applicant.
Advantages of Import Export Code
- Government Schemes Benefits: By obtaining Import Export Code, one can avail several benefits under various schemes launched by the government like Export Promotion Council, Foreign Trade Policy, and various other incentives as provided by government or other statutory bodies from time to time.
- Global Market Access: The Import Export Code provides the applicant access to the global market. The applicant holding IEC can import or export his goods or services in the global market. Also, the applicant can claim the benefit of various incentives provided by the Government.
- Easy Registration: The process of registration if Import Export Code is very easy. One can access the prescribed portal and after filling the details and documents one can get his IEC Code immediately.
- No Annual Compliance Cost: There is no compliances that need to be done after obtaining the Import Export Code. The applicant can carry on import or export business activity just after obtaining Import Export Code.
- Reduces Illegal Transportation: Import Export Code helps the government departments to verify that the import or exports are only made by the authorized persons, that helps the government in reducing illegal import or exports.
What is IEC?
IEC stands for Import Export Code. Any Person undertaking any kind of import or export business requires to obtain the Import Export Code.
Whether Import Export Code is mandatory to be obtained by all importers and exporters?
Every Exporter carrying on any business activity relating to the export of goods or services is required to obtain IEC.
However, every importer doesn’t need to obtain IEC, but every importer should obtain IEC as the importer cannot claim any benefit on import without having IEC.
Can details submit for IEC Application be modified?
Yes, Details provided for obtaining can be modified.
How many times the details submitted for IEC Application be modified?
Details provided for obtaining can be modified any number of times.
How to apply with a digital signature?
For applying with digital signature the applicant shall follow the following steps :
- Click on the link apply with digital signatures provided in the main IEC Application.
- Minimum Type II Certificate is issued by the India certifying Authority is acceptable
- Digital Signature should be of applicant signing the application only.
What could be the possible reasons for the rejection of IEC?
The following may be the reasons for the rejection of IEC :
⦁ The documents submitted are not legible or not clear
⦁ Selection of wrong DGFT RA
⦁ Name and Address does not match with the documents submitted
⦁ Proof of Address not attached
⦁ Bank Certificate Does not contain IFSC Code.