IEC(Import Export Code)
IEC(Import Export Code) is a 10 digit identification number issued by the Director General of Foreign Trade(DGFT) , Department Of Commerce , Government of India. It is mandatory for companies and businesses dealing with import and exports within the Indian territory . The operations of import and export are governed by the provisions of Foreign Trade(Regulation) rules , 1993.
Required Documents for Getting IEC
Company’s copy of PAN card
Company’s cancelled cheque copy of current bank account
Copy of :
- Copy of Rent Agreement or Electricity Bill Copy of the possessed premise
- Copy of Passport / Aadhar Card / Driving License of the managing partner signing the application
Benefits Of IEC
- IEC does not require the filling of any returns . Once given , there is no follow up or any sort of processes to sustain its validity.
- IEC code is there for a lifetime and does not need any sort of renewal. It could also be used against all kinds of import and export transactions.
- It is easy for an organisation to get an IEC code after submission of their application. Time period to get an IEC code is generally between 10 to 15 days.
- Companies can get several benefits on their imports and exports from official government bodies like DGFT , export promotion council , customs , etc . on the basis of their IEC code.