Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Codes when issued can be used by the entity throughout its existence and doesn’t require any renewal or filing.
Therefore, it is recommended for most organizations to obtain IE Code, irrespective whether they need it at the moment.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.
IEC (importer Exporter Code) number is a 10 digit code number given to an exporter or importer by the regional office of the Director general of Foreign Trade (DGFT), Department of Commerce, Government of India.
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When Is IEC Required?
When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
When an importer sends money abroad through banks then it’s needed by the bank.
When an exporter has to send his shipments then its needed by the customs port.
When an exporter receives money in foreign currency directly into his bank account then its required by the bank.
Benefits of IEC
Expansion of Business: IEC assists you in taking your services or product to the global market and grow your businesses.
Availing Several Benefits: The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
No Filling of returns: IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
Easy Processing: It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide a proof of any export or import for getting IEC code.
No need for renewal: IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
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