Import Export Code (IEC) is a 10 digit code number, which is issued by the Director General of Foreign Trade (DGFT).It is required by any person who is into import/export business in the country. Importers merchant cannot import goods without the Import Export Code and similarly the exporter merchant cannot avail the benefits from DGFT for the export scheme, and others without IEC.

1. What is the Eligibility for obtaining IEC?

Any type of Business i.e. Sole Proprietorship, partnership, Private limited companies, Charitable Organisation which are dealing with import and exports of goods can register for import- export code, irrespective of the size. Here to note that IE Code is not required for goods for personal use, which is not connected with trade, manufacture or agriculture.

Import Export Code

2. What is the Procedure for obtaining IEC/Registration?

Following are the steps for IEC Registration (Online):

  • The online IEC Application form in the format Aayaat Niryaat Form (ANF) no.2A is filed with the Directorate General of Foreign Trade. (Offline registration can be done at the regional office of DGFT.
  • All the required documents, including bank details and DSC, have to be submitted.
  • Next, the Import Export code will be allotted and the application will be processes further.
  • Once all the documents and application are verified by the authorities, the import export license will be granted as a soft copy to the entity.

3. What are the Documents Required for IEC Registration?

  • Individual’s or Firm’s or Company’s copy of PAN Card.
  • Individual’s voter id or Aadhar Card or Passport Copy.
  • Individual’s or company’s or firm’s cancel cheque copy of current bank account.
  • Copy of Rent Agreement or Electricity Bill Copy of the premise.

4. What is the validity of IE Code?

Import Export Code is permanent and is valid for lifetime, so there is no need for renewal or update, it lasts until the business ceases to exist or the registration is surrendered.

5. What is RCMC Registration and when required?

RCMC is Registration-cum-Membership Certificate issued by the Export Promotion Council body under the Government of India. It is required for businesses that deal with the export of restricted products and those seeking concessions under Foreign Trade Policy like Duty Withdraw.

6. What are the Advantages of Holding Import Export Code (IEC)?

  • Global Market Reach: It helps to enables the business to unlock the opportunities across the globe and specified services which enable the businesses to unlock the opportunities across the globe in international business market.
  • No Compliance and Annual maintenance: There is no specific compliance requirement such as annual filings or return fillings or any requirement of annual maintenance fees to be paid after obtaining IEC.
  • Other several Benefits: Several benefits from the DGFT, Export Promotion Council, and Customs etc can be availed on the basis of IEC registration.
  • Easy to obtain: The process for obtaining Registration is easy with minimal basic requirements.

****

Disclaimer: The entire contents of this document have been prepared on the basis of 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. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.

Author- CS Aakansha Negi and can be contacted at csaakanshanegi@gmail.com

Tags: ,

Author Bio

More Under DGFT

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031