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Import Export Code
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Import Export Code - An Overview
In this tough time of COVID 19 when India is witnessing an immense amount of degradation in terms of opportunity in Domestic market, Business Houses are paving their ways to international market in most of the sectors. Historically also India is well Known for its Exports be it Spices viz Red Chilli , Cumin , Refined Petroleum but not Limited to Gems and Precious Stones as far as the Goods are concerned . Various Companies like Ashok Leyland, TCS are examples of service export from India.
Regardless to say as the name suggests Import and Export Code, Any Business house involved in either Import or Export must obtain Import Export Code or IEC as issued by Directorate General of Foreign Trade (DGFT) , Ministry of Commerce and Industries. As no Business in India can carry out the Business of Import Export without it. It is a 10 (Ten) Digit Pan based Registration issued by DGFT.
Remember, one cannot get the benefit of Exports MEIS and SEIS if there is no Import Export Code.
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Documents Required for Import Export Code
- Scanned Proof of Registration of entity Commonly Certificate of Incorporation in case of Company and LLP / Partnership Agreement in case of Partnership/GST Registration Certificate.
- Scanned Pan of Entity
- Passport Size photo of Director / Partner / Proprietor.
- Aadhaar, Pan, Email and Mobile number card of Director / Partner / Proprietor.
- Cancelled Cheque or Banker’s Letter of entity.
- Details of all the Partners and Directors.
- Scanned copy of Rent/Lease Agreement and Latest Electricity Bill
- User must have DSC (Digital Signature certificate) or an active Aadhaar.
Import Export Code (IEC) is a 10 digit pan based number certificate issued by Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries.
Once you are ready with above documents, visit on https://www.dgft.gov.in/CP/ and follow the steps afterwards. It is advisable to take the help of an expert having immense knowledge.
Once the application is prepared fees of INR 500 is required to paid, post payment the acknowledgement for payment would be generated.
There is no requirement of renewing the license, even return is not required.
The applications for modification can be filed vide https://www.dgft.gov.in/CP/ and click on update IEC and submit the document in support and filing fees of INR 200.
If any interest or stake persist in any form relation to any NRI or Foreigner the Company will have to obtain prior license of RBI ( Reserve Bank of India ) in order to get the Import Export Code.
In order to proceed and submit the application the name of entity must match with the bank account details.