Import-Export Code
An import-export code is a 10-digit ID given to Indian companies by the Director-General of Foreign Trade, the Commerce Ministry of the Government of India. It is a unique code that helps in identifying each company with these digits.
In order to run import-export firms, exporters and importers must comply with the IEC code requirement.
As a result, IEC is a prerequisite that must be fulfilled, and no person or organisation may conduct imports or exports without an IEC number. You will comprehend the full process of getting an import-export code number after reading this content.
Import-Export Code
An import-export code is a 10-digit ID given to Indian companies by the Director-General of Foreign Trade, the Commerce Ministry of the Government of India. It is a unique code that helps in identifying each company with these digits.
In order to run import-export firms, exporters and importers must comply with the IEC code requirement.
As a result, IEC is a prerequisite that must be fulfilled, and no person or organisation may conduct imports or exports without an IEC number. You will comprehend the full process of getting an import-export code number after reading this content.
What is an Import-Export Code?
India has become South Asia’s biggest trading hub. There has been a great potential for cross-border trade between India and other countries since the advent of the free market and globalisation. Today, more and more businesses are seeking outside their borders for less expensive options and working in the import-export sector.
The government developed the idea of an import-export code, or IEC, as it is commonly known, to help the import-export sector. All businesses involved in the export and import of goods are given an IEC in order to keep track of all their transactions using a single 10-digit identifier.
Qualifications for Getting an IEC Number
The Foreign Trade Regulations of 1993’s provisions govern how import and export in India operate overall. As a result, IEC is likewise governed by the same law.
IEC is only necessary in unique contexts, such as when importing or exporting “specified services” or “specified technologies,” that is, goods or services that the Indian government has banned from being traded internationally because they pose a threat to the country’s sovereignty, such as the sale of nuclear weapons or assault weapons. IEC is not necessary in the following events:
- Importing and exporting products for personal use that have no connection to commerce, industry, or agriculture.
- Import and export by a few authorised nonprofit groups and government agencies.
What Steps Should You Take to Get an IEC Number?
The individual’s Registered/Head Office, which is the Registered office in the case of an organisation and the Corporate Headquarters in the instance of other registrants, would submit the IEC request to the Directorate General of Foreign Trade’s (DGFT) closest Regional Council.
The candidate has to provide the necessary paperwork and properly complete the “Aayaat Niryaat Form—ANF2A.”
A single PAN identification can only be used for one IEC to be issued. If an owner is assigned more than one IEC, they may submit them all to the regional centre for cancellation.
It must be mentioned that one IEC must be generated in accordance with one PAN number, per the requirements. If an owner has over one IEC assigned to them, they may surrender them all to the regional centre for termination.
Conclusion
The IEC application should be fully filled out, signed, and error-free. If an application is determined to be deficient, the administration will quite certainly reject it. Physically submitted requests must be in soft copy form in a Word file.
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Documents required for applying IEC in India
- Copy of PAN card
- Copy of Aadhar card
- Rent Agreement and latest electricity bill
- Copy of cancelled cheque
