IEC license or Import Export license or IEC code is required by a person for exporting or importing goods. IEC(Import Export Code) is known as many names such as importer exporter code, import export code, import export license, import export number, IE code, IEC license, IE license etc. In simple terms, IE CODE NO. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT).
IEC is required in following situations:
- 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.
- Applying for IEC (Import/Export Code) Registration
- First up, you need to prepare an application form in the specified format – Aayaat Niryaat form no. 2A format and file it with the respective Regional office of DGFT.
- Secondly, you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
- One your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
- Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.
Benefits of IEC Registration
1. Expansion of Business
2. Availing Several Benefits
3. No Filling of returns
4. Easy Processing
5. No need for renewal
Q. What is the need/use of IEC?
IEC forms the primary document for recognition by Government of India as an Exporter/Importer. On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, and Export Promotion Council etc.
Q. What is IEC?
Import Export Code Number is unique 10 digit code number issued by Government of India. If a person is interested in making imports & exports, then it is mandatory for him to apply for Import Export Code Number (IEC).