In the era of Globalization, now the customer market has been shifted from local territory/Country to worldwide market. Where the trader/Service provider has been given equal opportunity to expand its market worldwide. Now, the government is focusing to make India an Export Oriented Country instead of an Import Oriented approach. The Government of India is giving many incentives, subsidies, tax rebates to exporters so that they can compete with foreign competitors especially China.
Now, the Government of India has made the process of issuance of the Import Export Code license easy, in comparison to earlier process. Now, if you have all documents ready, then get your Import Export License the same day.
Benefits of Import Export Code:-
1. Required at Custom Port, at the time of Import Export: IEC is required at the customs port when we have to make foreign commercial shipment or has to take clearance of import Shipment.
2. Required by Banks, when receive foreign currency after a specified limit /Purpose: Import Export Code is required by banks, when we receive any advance or dues against any commercial activities.
3. No Annual Compliances: As on date, there are no annual compliances (Returns Filings) after issuance of Import Export Code
4. No need for Annual Renewal: In Import Export Code registration, there is no requirement of the annual renewal of License.
Process and Documents Required for Import Export Code
1. For Import Export Registration, we have to Visit DGFT Website.
2. Mandatory Documents for Import Export Registration is:
♦ PAN Card
♦ Aadhar Card of Manager/ Proprietor/Authorized Signatory (Optional)
♦ Bank Certificate/ Pre-Printed Cancelled Cheque – for Bank Account details Purpose
♦ Address proof of the Firm (Sale Deed/Rent Agreement/ Lease Deed/ Electricity Bill/ Telephone Landline Bill Etc
3. Documents Not Required: – To make the issuance of Import Export Process Easier, now department has remove the requirement to attach these documents, which are required earlier:
♦ Digital Signature of Authorized Signatory
♦ Copy of PAN Card as Attachment
♦ Photograph of Authorized Signatory
Please note that, if you have not pre-printed Cancelled cheque copy, then you have the option to attach a certificate from your bank for Issuance of IEC Code as in specified Format – ANF-2A(i)
♦ Documents should be uploaded in digital format – GIF/JPEG, size not exceeding 5MB
♦ Ensure that details filled in the application match with the details as in the uploaded documents
♦ Use Contact details – Mail and mobile number of authorized person only because updating of these records is very lengthy process
Author’s Note: Allotment of Import Export Code is based on Self declaration and documents attached by you. After the Allotment of Import-Export code, it is found that, the information provided is wrong or License has been taken for fraudulent activities then, your Registration is liable to cancellation and necessary action will be taken against you by the department.
This article is for the purpose of information and shall not be treated as a solicitation in any manner and for any other purpose whatsoever. It shall not be used as a legal opinion and not be used for rendering any professional advice. This article is written on the basis of the author’s personal experience and provision applicable as on the date of writing of this article. Adequate attention has been given to avoid any clerical/arithmetical error, however; if it still persists kindly intimate us to avoid such error for the benefits of other readers.
The Author “CA. Shiv Kumar Sharma” can be reached at mail –email@example.com and Mobile/Whatsapp – 9911303737/ 9716118384