IMPORTER EXPORTER CODE (IEC)

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IMPORTER EXPORTER CODE (IEC)

ABOUT IEC:

IEC can be expressed as passport to global market, it is a life time valid, mandate and permanent 10digit business identification number for companies or individuals or services which are engaged in import or export business in India issued by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry of Government of India.

WHY IEC:

  • • To legally engage in global trade and explore international markets.
  • • To facilitate overseas transactions and customs approval.
  • • To avail incentives and subsidies provided by the government of India to support importers and exporters.
  • • To ensure compliant financial operations and facilitate electronic fund transfer.

BENEFITS OF IEC:

IEC acts as Gate way to global trade expansion for Indian businesses alongside availing the benefits of incentives, subsidies and concessions as per the MEIS (merchandise exports from India scheme) and SEIS (Service exports from India scheme) for exporters and AAS (Advance Authorization scheme) and DFIA (Duty free import authorization) and many other schemes for importers.

ELIGIBILITY:

IEC can be applied by a firm which have a PAN, Bank account in the name of it, and a valid address. And the nature of the firm may be a proprietorship, partnership, LLP, Limited company, Trust, HUF, Society

EXEMPTIONS:

  • • Non commercial imports and exports for personal use or gifts.
  • • Ministries of Government and other governmental agencies, Notified charitable Institutions.
  • • Specific categories of goods and services listed under DGFT.
  • • The export services except when the service provider is benefitted under foreign trade policy.
  • • Traders registered under GST.

DOCUMENTS REQUIRED FOR APPLICATION:

  • • Valid PAN, Aadhar, mobile number matching the Details.
  • • Valid Email ID
  • • Valid Digital Signatures Token
  • • Valid Branch Office Address and Details
  • • Valid Bank Account on the name of IEC holder.
  • • Cancelled cheque with Blueprinted name of the applicant entity and account number.

MANAGING IEC:

IEC can be surrendered, revoked or amended based on the DGFT guidelines.it is always necessary to stay compliant with DGFT regulations, Customs regulations and Foreign trade policies in terms of audits, documentation, updating information along with modifications for successful international trade.

IEC is not just the regulatory formality but it is the unique component in outreaching the cross-border trade for Indian entrepreneurs for global diversification.

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