ICE CODE
The Importer Exporter Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. It is required for
businesses or individuals involved in the import or export of goods and services. Here’s the process for obtaining an IEC code in India:
1. Check Eligibility: Before applying for an IEC code, make sure you are eligible. Individuals, companies, partnership firms, LLPs, and other legal
entities can apply for an IEC code.
2. Gather Required Documents: You will need the following documents and information to apply for an IEC code:
PAN card (Permanent Account Number)
Current bank account details
Passport-sized photographs
Cancelled cheque or bank certificate.
Self-attested copy of the Aadhaar card or Voter ID or Passport of the proprietor/partner/director of the company Copy of the partnership deed or certificate of incorporation or articles of association, depending on the type of business entity.
3. Application Fee: Pay the required fee for IEC code registration. The fee may vary depending on your business type.
4 . Application Submission: Once you’ve filled out the application form, submitted the required documents, and paid the fee, submit the application.
₹2,500.00
IEC CODE
The Need for Import Export Code-
As mentioned above, importer exporter code is a mandatory requirement for those involved in international trade in India. Here is a closer look at the need for this code:
IEC is mandatory under the Foreign Trade Act, 1992. It ensures that those engaged in international trade adhere to the standard trade regulations. This helps prevent illegal trade practices.
IEC is essential for customs clearance. Customs authorities require this code to clear the shipments. It ensures that goods comply with legal norms.
Banks demand IEC for processing international trade transactions. The IEC helps banks verify the legitimacy of the transactions and ensures they are in compliance with trade laws.
The Indian government offers various benefits to exporters. This includes duty drawbacks, export promotion schemes, and subsidies among others. An IEC is necessary to avail these benefits.
Having an IEC enhances the credibility of a business in the international market. It serves as proof that the business is registered and recognized by the Indian government for conducting import-export activities.
It helps the government collect and analyze trade data. Accurate data on imports and exports helps the government in making effective trade policies. This improves the country’s trade performance.
1.Processing Time: The processing time for IEC code issuance varies but is usually within 1-2 business days.
2. IEC Code Allotment: Once your application is approved, the DGFT will issue an IEC code. You can check the status of your application online.
3. IEC Code Download: After your IEC code is allotted, you can download the IEC certificate from the DGFT website.
4. IEC Code Renewal: An IEC code is valid for a lifetime unless surrendered or cancelled. However, you may need to update your IEC code
information or renew it periodically.
5. Usage: You can now use your IEC code for importing and exporting goods and services. Remember to quote your IEC code on all relevant
documents.
It’s important to note that the specific requirements and processes may change over time, so it’s advisable to visit the official DGFT website or
contact the local DGFT office for the most up-to-date information and guidance on obtaining an IEC code.
