Import Export Code
The Import Export Code (IEC) is a mandatory number for all imports and exports of goods under the Foreign policy. Importers and exporters of Goods require it mandatorily. While its desirable for importers and exporters of Services. Especially if the exporter of services wants to realise the benefits under Trade Policy.
Import Export Code (IEC) is issued by the Directorate General of Foreign Trade (DGFT). The entire process is online. Earlier the DGFT issued a 10 digit IEC its now same as the PAN of the applicant. Thus PAN itself has become the IEC now.
Once the user is registered, the user has to fill in information including:
01
Principle place of Address and branches
02
Details of authorised persons
03
Bank account details
04
Documents including address proof, bank account cheque or certificate etc.
05
Selection of respective regional office of DGET
Once the applicant submits the application and pays the fees, the DGFT issues the IEC -usually the same day itself.
Modification in IEC:
The holder of IEC can modify the to reflect any changes in name or authorised person or addresses etc.
Annual compliance:
In Feb 2021, the Government has introduced an additional compliance for all Import Export Code holders.
- Yearly updation of IEC records. The holder of IEC has to complete yearly verification within the months of April- June each year.
- Even if there are no changes during the year, the IEC holder has to complete the IEC confirmation process otherwise the DGFT shall automatically deactivate the and IEC and make it invalid.
Our Business team helps you in obtaining Import Export Code (IEC) and all the above compliance including modification and yearly compliance.
You can read about Foreign Exchange Management consultancy here.