Import Export Code, popularly referred to as the IEC Code, is a 10-digit code issued to businesses in the import and export of goods in India.
What is the IEC Code for Export?
Import Export Code, popularly referred to as the IEC Code, is a 10-digit code issued to businesses in the import and export of goods in India. It is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Importers cannot do business and exporters cannot avail the benefits of exports from DGFT, customs, Export Promotion Council without the IEC Code. Bona fide persons and companies can apply for the IEC Code and only one IEC Code is issued against a single PAN.
When is it Mandatory to Get the IEC Code?
If you have a company that engages in the export or import of goods, then the organisation needs an IEC Code mandatorily under these situations:
• When an importer has to clear his shipments from the customs then the customs authorities ask for the IEC code • When an importer sends money abroad through banks then IEC Code is needed by the bank
• When an exporter has to send his shipments then the IEC Code is needed by the authorities at the customs port • When an exporter receives money in foreign currency directly into his bank account then IEC Code is required by the bank
Globus can help you find out if you need to apply for an IEC Code for Export and clear any queries that you may have about the code. We can also file your application to get an IEC Code so that you receive it quickly and can continue doing business without any interruptions.
Benefits of the IEC Code
Benefits of the IEC Code
An IEC Code for Export and Import offers plenty of benefits for individuals and organisations in the export and import business. Some are mentioned here:
• Expansion of Business: The IEC Code helps you take your products and services to the global market and to grow your business. Companies can also avail several benefits in their export and import from the Directorate General of Foreign Trade (DGFT), Export Promotion Council, Customs, etc. if they have an IEC Code.
• No Need for Renewal: Unlike many types of mandatory regulations, an IEC code is effective for the lifetime of an organisation and does not require any renewal. After it is obtained, it can be used by an organisation against all export and import transactions.
• No Filling of Returns: You do not have to file returns or fulfil other requirements to sustain the validity of the code once you have it. There is no need to file returns with the DGFT even for export transactions. There are no overhead expenses of having an IEC code even if you do not use it regularly in your business.
• Easy Processing: It is fairly easy to obtain an IEC Code for Export from the DGFT if you fulfil the eligibility criteria and submit a complete application. You can expect to get your IEC Code within a period of 10 to 15 days after submitting the application.
We, at Globus Certifications Pvt Ltd, help organisations in getting an IEC Code to engage in an export-import business in India. Get in touch with us at +91-9810555659, +91-9868476771, +91-9918728945 or email us to start the IEC Code for Export certification process today. Irrespective of where you are in your IEC journey, we can help you every step of the way.
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The solutions we provide are also globally recognized with the requirements of various national and international standards.