IEC (Import Export Code)

IEC (Import Export Code)

In today’s dynamic world when you want to make your business a globally competant business. This expansion is possible only when you have fulfill certain requirements before hand to get some licenses/ certificates. For this the business should mandatorily required to have Import Export Code, commonly referred as IEC.

What is IEC?

An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal.

Why IEC is required?

IEC is required by importers to –

  • Clear Customs and Shipments, and.
  • Transfer money to foreign banks

IEC is required by exporters to –

  • Send Shipments, and
  • Receive money from foreign banks.

Eligibility

Any type of business registration:

  • Sole Proprietorship
  • LLP
  • Partnership
  • HUF
  • Private or Limited Company
  • Charitable organization like Trust or Society
  • dealing with the export and import of goods should register for Importer Exporter Goods.

Exemption Of IEC

Import Export Code (IEC) isn’t required to be taken in case the goods exported or imported is for personal purposes and not connected to trade, agriculture and manufacture. Export/ Import done by the Government of India Departments and Ministries, Notified Charitable institutions need not require getting Import Export Code.