IEC Code
Import Export Code
IEC enlistment is required by an individual for sending out or bringing in products. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All organizations which are occupied with Import and Export of products require enrolling Import Export Code. IE code has lifetime legitimacy. Merchants are not permitted to continue without this code and exporters can’t take advantage of fares from DGFT, traditions, Export Promotion Council, in the event that they don’t have this code.
The IE Code must be cited by shippers while clearing traditions. Likewise, banks require the shippers’ IE Code while sending cash to another country. For exporters, IE Code must be cited while sending shipments. Furthermore, banks require the exporters’ IE Code while accepting cash from abroad. IMPORT AND EXPORT CODE Registration should be possible through Vedkee Associates
What is IEC Code?
An Import Export Code (IEC) is a unique 10-digit number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. This code is required by businesses or individuals for carrying out import/export activities in India. It serves as a key identification number for customs authorities while clearing goods during import/export transactions. The IEC does not apply to personal imports or exports which are not in the course of trade or business.
Benefits of ISO
Legal Requirement: Obtaining an IEC is a legal requirement for businesses or individuals involved in import/export activities in India. Without it, you cannot engage in such activities.
International Trade: It facilitates international trade by enabling businesses to import/export goods and services to and from India. This opens up opportunities for businesses to expand their markets globally.
Availing Government Benefits: Various schemes and benefits provided by the Government of India, such as export incentives, duty drawbacks, and other export promotion measures, are accessible only to entities with a valid IEC.
Bank Transactions: An IEC is required for businesses or individuals to carry out foreign currency transactions with banks for import/export purposes. It acts as an identity proof for such transactions.
Global Recognition: Having an IEC enhances the credibility and trustworthiness of a business in the international market. It indicates that the business is recognized and authorized by the Indian government to engage in international trade.
Expansion Opportunities: With an IEC, businesses can explore opportunities for partnerships, collaborations, and trade agreements with foreign entities. It provides a platform for expanding business horizons beyond domestic borders.
Documentation Simplification: It simplifies the documentation process involved in customs clearance, shipping, and other regulatory procedures related to import/export activities.
Compliance Requirement: Being compliant with regulations is crucial in international trade. Having an IEC ensures that the business is adhering to the necessary regulatory requirements enforced by the Indian government for import/export operations.
Documents of IEC
- Aadhar Card
- Pan Card
- Passport size photo
- Cancel cheque
- Address prof
