Know About IEC (IMPORT EXPPORT CODE)

1. Import Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is mandatory for any individual or business entity engaged in import or export activities to obtain an IEC.

2. IEC registration is a one-time process and is applicable to all individuals, firms, companies, LLPs (Limited Liability Partnerships), and any other entities involved in cross-border trade.

3. The IEC code is essential for clearing customs while importing or exporting goods and for availing various benefits and concessions provided by the government for exporters and importers.

4. To apply for IEC registration, the applicant must fill out the prescribed application form online through the DGFT website and submit the required documents, such as PAN card, bank certificate, passport-sized photographs, and a canceled cheque or bank certificate.

5. IEC registration can be obtained within 1-2 working days, and the code is valid for the lifetime of the entity unless canceled or suspended by the DGFT.

6. Obtaining an IEC is a pre-requisite for opening a Foreign Exchange account with banks, which is necessary for receiving or making foreign currency payments.

7. IEC registration is not required for individuals or entities engaged in the import or export of goods for personal use and not for commercial purposes.

8. IEC holders must ensure compliance with all the provisions of the Foreign Trade Policy (FTP) and other regulations related to imports and exports.

9. In case of changes in business details or other relevant information, the IEC holder must update the same with the DGFT to maintain accurate records.

10. If an entity engages in both import and export activities, a single IEC can be used for both purposes. However, separate IECs may be obtained if needed for operational convenience or compliance reasons.