top of page
Search

Import-Export Code (IEC)

An Import Export Code (IEC) is your key to trading goods internationally. This guide explains what IEC is and why you need it and how to get one easily. Get started on your import export Journey today.





Introduction : In India, the Import Export Code (IEC) is a unique 10-digit alphanumeric code that is issued by the Directorate General Of Foreign Trade (DGFT) , Ministry of Commerce and Industry. It is Mandatory for any individual or Business entity involved in importing and exporting goods and services to obtain an IEC.


  • ⁠The Import Export Code or IEC is a 10-character alphanumeric code that is issued based on the PAN of an entity.

  • IEC is also known as (Importer Exporter Code).

  • An alphanumeric code known as the lEC is to entities, consisting of 10 digits and

    derived from their PAN.

  • Based on the PAN of an entity, a 10-digit alphanumeric code called the IEC is issued.

  • Issued based on the PAN of an entity, the IEC is a 10-digit code comprising alphanumeric characters.

  • The IEC, a code consisting of 10 alphanumeric characters, is issued to entities using their

    PAN as a basis.


Uses of Import Export Code


•⁠ ⁠IEC is required to be quoted while clearing customs for all import and export transactions.

•⁠ ⁠It is also required for remitting money abroad for import or export transactions.

•⁠ ⁠IEC is used by the government to monitor foreign trade and to provis benefits under various schemes such as the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS).

•⁠ ⁠IEC is also required for opening a bank account in the name of the business or individual engaged in import or export activities.


Key Points of IEC (Import Export Code)


  1. ⁠Legal Requirement: Obtaining an IEC is a legal requirement for conducting import/export activities in India. It enables individuals or businesses to engage in international trade legally.

  2. Expansion of Business: IEC opens up opportunities for businesses to expand their operations globally by participating in international trade. It allows them to import goods and services for domestic consumption or export them to foreign markets.

  3. Availing Government Benefits: Several government schemes, incentives, and benefits are available for businesses engaged in import/export activities. Having an IEC is a prerequisite for availing of such benefits and participating in various government programs.

  4. Establishing Credibility: An IE serves as form of authentication and establishes the credibility of a business entity. It enhances the reputation of the entity in international markets, making it easier to establish relationships with foreign suppliers, customers, and financial institutions.

  5. Easy Customs Clearance: An lEC simplifies the customs clearance process for imports and exports. It enables smooth documentation, allows for easier compliance with customs regulations, and reduces procedural delays.

  6. Online Application and Renewal: The IEC application and renewal process can be done online, which makes it convenient and time-saving for businesses. It eliminates the need for physical visits to government offices and streamlines the application procedure.



Regarding the benefits of the IC abroad, it's important to note that the IC is specific to India and is primarily used for facilitating import/export activities within the country. However, having an IEC can indirectly benefit businesses engaging in international trade by establishing their legitimacy and compliance with Indian regulations. This, in turn, can facilitate smoother interactions with foreign partners, suppliers, and customers.


In summary, IEC is a crucial requirement for any business or individual looking to engage in import or export activities in India. It is a unique 10-digit alphanumeric code that is issued based on the PAN of an entity and is used for a variety of purposes, including customs clearance, remittance of money, and government benefits. If you are planning to engage in import or export activities in India, make sure to obtain an IEC to avoid any legal issues.


How to Apply for IEC?


For apply a new IEC you need the following documents, PAN Card, ADHAR Card, Valid Email ID, ADHAR linked mobile number and Current account number.


Please Refer the PDF link on how to Apply for IEC.


Comentarios

bottom of page