The Import Export Code (IEC) is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) that is mandatory for businesses involved in import or export activities in India. Now let’s discuss the process to register for IEC, its importance, and the benefits it offers.
Importance of IEC:
IEC is a mandatory requirement for businesses involved in import or export activities in India. Without an IEC, businesses cannot import or export goods. It is a unique identification code that helps in tracking the transactions of the business and ensures compliance with the foreign trade policies of the government. IEC is also required to avail of benefits under various government schemes, including export promotion schemes, duty exemption schemes, and other incentives.
Process to Register for IEC:
Step 1: Visit the DGFT website and click on the ‘Online IEC Application’ option.
Step 2: Fill in the required details in the online application form, including the name of the firm, PAN number, address, bank account details, and other relevant information.
Step 3: Upload the necessary documents, including PAN card, bank certificate, and address proof.
Step 4: Pay the IEC application fee through online mode.
Step 5: After the application is submitted, the applicant will receive a unique application number.
Step 6: The DGFT will then review the application and issue the IEC once all the requirements are fulfilled.
Benefits of IEC:
International Recognition: IEC gives businesses an international identity and helps them gain recognition in the global market.
Increased Credibility: IEC is a mandatory requirement for businesses involved in import or export activities, and having an IEC enhances their credibility in the market.
Access to Government Benefits: IEC is required to avail of benefits under various government schemes, including export promotion schemes, duty exemption schemes, and other incentives.
Easy Processing: With an IEC, businesses can easily process their import or export transactions without any delays.
Expansion Opportunities: Having an IEC opens up opportunities for businesses to expand their operations in the international market.
