The Import Export Code (IEC) is one of the key business identification numbers which is mandatory for performing Exports or Imports. No person/entity shall proceed with any import or export except it gets an IEC Number issued by the Directorate General of Foreign Trade (DGFT), unless specifically exempted. Any Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society can apply for IEC and requires the IEC Certificate when it wants to start its business of import export. IEC is a 10 digit code and has lifetime validity.
As per Notification No. 58/2015-20 dated 12th February, 2021 an IEC holder has to ensure that the details are updated electronically every year (April-June) even if there are no changes in IEC. If the IEC is not updated within the stipulated time, it shall be de-activated. One can get the IEC active upon updating the same. An IEC can also be marked in scrutiny by DGFT. IEC holder is required to address the concerns raised in scrutiny otherwise the IEC shall be de-activated.
An entity needs to get an IEC in the following situations:
1. When the money is sent abroad by importer through banks then it’s needed by the bank.
2. Customs authorities ask for IEC when an importer has to clear his shipments from the customs.
3. When an exporter has to send his shipments then he is required to show IEC at the customs port.
4. Whenever an exporter receives money in foreign currency directly into his bank account then the IEC is required by the banks.
Documents required for IEC registration-
1. Certificate of Incorporation
2. GST Certificate
3. Director PAN card & Aadhar card or any other address proof
4. Cancelled cheque
5. Electricity Bill/NOC/Rent agreement
Applying Import Export Code-
One has to create login credentials on DGFT website. After logging in, fill the complete application, attach the required documents and sign the application. It can be aadhar based signing or one can use Organization based digital signatures. Application fee to get IEC is Rs. 500.
Modifying/Updating Import Export Code-
One has to create login credentials on DGFT website. IEC holder has to link IEC code by signing the application. It can be aadhar based signing or one can use Organization based digital signatures. Once IEC is linked, then the IEC can be modified or updated by putting all the required information and attaching the required documents. Once the application is completed, sign the application using either aadhar based signing or one can use Organization based digital signatures. There is no fee for updating IEC.
IEC holder can print the new/modified IEC certificate from the dashboard after logging on DGFT website.
Technical requirements in the process of IEC application/modification-
- Organization based Digital Signatures
- PAN number
- Mobile Number and Email ID.
- Bank Account details of individual/entity should match with the name of IEC Holder
- The details of entity/directors should match with PAN Card.
*****
Disclaimer: The entire contents of this document have been prepared based on the relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.
Author Bio
