IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number. In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn’t just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license.
IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India.IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.IEC is required in the 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 currsency directly into his bank account then its required by the bank.
Please prepare all the above mentioned documents as they will be needed to complete this form.