Import-Export-Code

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Import Export Code

Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required 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 company’s name. Once issued, it is valid for all its division/units/factories/branches.

When is IEC code required?

It is needed by the custom authorities to clear the shipments in the case of any imports.
Also, it is needed by the bank to transfer the amount in the case of any imports made.
Vis-à-vis if an exporter needs to send the shipments, then it is required.
Or, if the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.

Benefits

Business growth

A business have an option for online international marketplaces like Amazon.com, Alibaba etc.
IEC is mandatory to avail of growth opportunities via import/export.

Export subsidies

Indian government follows a policy of exporting the goods and not the taxes.
An exporter can get a refund of any taxes paid while exporting the goods.
Government even waives some import duties, if the importer promises to export the goods within a time frame.

Lifetime validity

As the name suggests, there is no need to renew this code again and again.
It will be valid till the entity for which it is issued exists. After the winding up of the company, this code expires.

No return filing

There is no compliance requirement for IEC
Including this, there is no need to file periodical returns.
It is just like a PAN card.

Online procedure

The whole procedure can be carried out online and there is no need to go anywhere physically.
There is no more inspector raj.