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The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce & Industries, is responsible for issuing the Import Export Code (IEC) registration in India. This ten-digit code plays a pivotal role for Indian companies looking to expand their business through import and export activities.
The primary purpose of the Import Export License Certificate is to regulate and monitor foreign trade activities within the country.
Obtaining an IEC registration is mandatory for any business seeking to engage in import and export operations in India. Without this essential license, a company cannot participate in international trade. Furthermore, to avail of various government incentives and benefits, having an IEC registration is imperative.
The Reserve Bank of India has mandated that all traders must provide their Import Export Code when conducting any payment transfers related to foreign trade.
In today's intensely competitive business environment, companies are compelled to venture beyond their local boundaries to stay competitive and tap into new markets. This global expansion is driven by continuous innovation, the rise of e-commerce, and the need to differentiate from domestic alternatives. Businesses have various avenues to extend their reach beyond domestic markets, such as forging partnerships with foreign brands, establishing overseas franchises, setting up subsidiary or branch offices abroad, or engaging in import-export activities. However, conducting business on a global scale is a complex endeavor that requires careful consideration.
Once an entity obtains an Import Export Code (IEC), it remains valid for the entirety of the organization's existence and does not require periodic renewal. With an IEC in hand, a company can seamlessly participate in import and export operations without any hindrances.
Trade from Indo-Myanmar border zones & China under Rs.25000.
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IEC can be surrender by intimating the intention to the authority who earlier issued the license. Upon the receipt of an application for license surrender, issuing authority shall cancel the same after noting the reason thereof. Thereafter, DGFT is notified about the same who in return transmit it to custom, RBI or any such other authorities intimating about IEC becomes inoperative.
Import-Export code is not a tax registration; however, depending upon the product, the certain custom duty can be imposed.
No, any individual, company or sole proprietor engaged in the business of import-export needs to obtain an IEC license. It is the necessary recognition provided by the GovernmentGovernment to exporters and importer of goods or services. However, if the value of the good transacted is too low, the authority may permit first export after imposing nominal charges.
Yes, it is mandatory to provide PAN Card. You need to furnish the self-attested copy of your PAN Card along with the application
No, the validity of IEC Registration is of a lifetime. Therefore there is no requirement to revalidate it.
The technical prerequisite for filing an IEC are Digital Signatures Token, PAN, Address Details of Branch Office, Bank Account in IEC Holder, Mobile Number and Email ID, Aadhar Card matching the details along with PAN Card.
