Import-Export Code Licence
In the trading world, it is common to buy and sell commodities internationally. While ensuring large benefits, it helps businesses expand more as compared to the local trade. Though, there are certain legal documents required for the same, one of it being IEC. IEC or Import Export Code is a 10 digit code provided by DGFT Director General of Foreign Trade. It is used by a trader to import and export goods across the country’s border.
Why Is IEC Code Needed?
Only one IEC code is generated against one PAN number. The IEC code is required in the following cases.
The IEC code is required by the customs department in order to import or export your goods at the border.
Financial institutions require it at the time of an international transaction through a financial institution.
When a trader deposits a foreign currency in its bank, the bank requires the IEC code to process the transaction.
How To Apply For IEC Code?
1. Log on to www.dgft.gov.in
2. Click on Importer Exporter Code(IEC) and choose Online IEC Application
3. Fill in the application which has opened and submit it
4. Enter the “digit” token number received on email id and contact number
5. Update Master Data
6. Add branch details
7. Attach the scanned copies of the documents required for the application
8. Pay application fee
9. Submit the application
10. Check application status
What Are The Benefits Of IEC Code?
1. It lets you do trade internationally.
2. It is a lifetime code unless it is canceled by you.
3. There are no compliance issues for IEC registration.
4. There is no maintenance fee.
5. No need to file the return.
What Will Happen If I Don’t Have IEC?
If you don’t have an IEC code, it is impossible for you to do any import and export trade beyond your country’s boundaries.
Most Important Contents In A Trust Deed?
1. Details of a current bank account
2. A self-attested copy of the PAN card
3. A banker’s certificate
4. Passport size photographs of the applicant attested by the banker
5. A cover letter on the letterhead from the applicant’s company
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