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Import Export Code or IEC is a 10-digit code that a business or a person requires to import or export goods and services. This code is issued by DGFT (Director General of Foreign Trade), Ministry of Commerce and Industries, Government of India. It has lifetime Validity, that is, there is no need to renew it. This code is generated within 5-15 working days after the submission of documents or required corrections are made.
This code has many names, like importer exported code, import-export code, import-export license, import-export number, IE code, IE license, etc. You can issue this code in either your name or under the company’s name. Once issued, it is valid for all its division/units/factories/branches. visit nearest Jan Gst Kendra for iec registration.
IE Code listing is permanent registration which is valid for a lifelong. Hence, there will be no troubles for updating, filing, and restoration of IE Code registration. It is legitimate until the company exists or the certification is withdrawn or abandoned. Further, unlike tax filings like GST registration or PF registration, the merchant or exporter does not need to file any filings or support any other agreement necessary like annual filing.
As IE code registration is one-time and demands no further agreement, it is suggested for all businesses and LLPs to obtain IE code after establishment.
An Import Export Code is needed for the import of any type of goods by a business. However, the following are the kind of personalities are excused from obtaining an IE Code:
Importer and export by central government or agencies or undertakings for defense purposes or another specified list under Foreign Trade Order, 1993.
Import or Export of Goods for individual use.
Persons having IEC can appeal for and receive RCMC registration. Registration-Cum-Membership Certificate (RCMC) is a certificate that verifies an exporter dealing with products listed with an agency/ company that is approved by the Indian Government. The license is issued for five years by the Export Promotional Councils or commodity board in India. An exporter aspiring to receive an RCMC has to maintain his mainstream interest in the application. This application would be presented to the Export Promotion Council/ Commodity Board relating to that line of business.
All entities in India engaged in the import or export of goods/services from India would be expected to obtain IE Code from the Director-General of Foreign Trade.
To obtain IE Code from the DGFT, the applicant must submit copies of identification and address proof along with a proof of operational bank account in the name of the candidate.
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