Import-export Code License
Import-export code license in India is used for importing and exporting commodities. However, this license is to register with the Indian Custom department. Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India issues this type of IE. 15-20 working days are required to get this certificate. Additionally, it does not have any expiration period, this registration is lifelong. Moreover, There is no issue with renewal. But it is lifelong only if the business exists.
Therefore, IEC (Import Export Code) is required by anyone who is looking to kick-start a business in the country. It is issued from DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Predominantly, importers, merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail of benefits from DGFT for the export scheme, etc. without IEC.
Documents Required For Importer Exporter Code:
- PAN Card
- Aadhaar Card
- Incorporation Certificate
- Canceled Bank Cheque
- Electricity Bill
- Rental Agreement
Benefits of IEC Registration:
- Growth of Business
- Several Benefits
- No Return Filing
- Easy Process
- No Need For renewal
Situations Where IEC is Required
- When an importer has to clear his shipments from the customs then it’s required by the customs administration.
- When an importer sends money abroad through banks then it’s required by the bank.
- When an exporter has to send his loads then it’s required by the customs port.
- When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.