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The Import Export Code (IEC) is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is a mandatory requirement for businesses or individuals involved in importing or exporting goods and services from India.
The IEC acts as a unique identification number for international trade transactions and helps the government track and regulate export and import activities. It is necessary for clearing customs, sending or receiving money internationally, and availing various benefits from the government or financial institutions.
Key points about the Import Export Code (IEC) in India:
Mandatory for International Trade: Any individual or entity engaging in import/export activities needs to obtain an IEC from the DGFT.
Application Process: The application for an IEC can be made online through the DGFT website. It requires specific documents such as PAN card, address proof, bank details, and business details.
No Need for Renewal: Once obtained, the IEC does not require renewal and is valid for a lifetime unless surrendered or canceled.
Different from GST Registration: IEC and GST registration are separate. Even if a business has a GSTIN (Goods and Services Tax Identification Number), they still need an IEC for engaging in import/export activities.
Not Required for Personal Use: Individuals importing/exporting goods for personal use and not for commercial purposes might be exempt from obtaining an IEC.
The Import Export Code simplifies the process of international trade and ensures regulatory compliance. It’s an essential document for businesses or individuals dealing with imports or exports in India.
Documents Required For Import Export Code Registration
To obtain an Import Export Code (IEC) in India, several documents are typically required for the application process. Here is a list of the essential documents needed:
PAN Card: The Permanent Account Number card issued by the Income Tax Department is mandatory for the IEC application.
Identity Proof: Any government-issued identity proof such as Aadhaar card, passport, voter ID, or driving license.
Address Proof: Documents validating the address of the applicant, which could include Aadhaar card, passport, voter ID, driving license, utility bills like electricity, water, or telephone bills, or the latest bank statement.
Bank Certificate or Cancelled Cheque: A cancelled cheque or a bank certificate confirming the applicant’s bank account details.
Digital Photograph: A passport-size photograph of the applicant.
Letterhead if a Business Entity: If the applicant is a company, partnership, LLP, etc., documents such as letterhead, partnership deed, certificate of incorporation, etc., might be required to establish the entity’s existence.
Certificate of Incorporation: If the applicant is a company, the certificate of incorporation is necessary.
Details of Partners/Directors/Proprietors: Personal details of the partners, directors, or proprietors of the business entity.