TRENDING NEWS
Import Export code (IEC) Registration
Every import/export business owner in India needs an import export code, which is a unique 10-digit code. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and does not require filing or renewal.
Importers need IEC to clear customs and export their goods, as well as to transfer money to overseas banks. Exporters must have an IEC in order to send shipments and receive funds from overseas banks. In a nutshell, no importer or exporter can do business in India without first obtaining an IEC.
When required?
- 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 it’s needed by the customs port.
- When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.
Benefits
No Return Filing :
The IEC does not need any returns to be filed. There is no necessity to follow any form of protocol to maintain its validity once it has been assigned. There is no requirement to file any returns with the DGFT for export transactions.
Business Expansion :
IEC assists you in taking your services or product to the global market and growing your businesses.
Severall Benefits :
On the basis of their IEC registration, the companies could receive many incentives for their imports/exports from the DGFT, Export Promotion Council, Customs, and others.
Easy Processing :
It’s relatively simple to get an IEC code from the DGFT within 10 to 15 days of submitting an application. It is not necessary to submit proof of any export or import in order to obtain an IEC code.
No Renewal Requirement :
The IEC code is valid throughout the life of the entity and does not need to be renewed. An entity could utilise it against all export and import transactions once it has been obtained.
