Export Import Servises

Import Export Code IEC is a mandatory license for importers and exporters to carry out import and export activities in India. It consists of a 10-digit number issued by the Director General of Foreign Trade, Department of Commerce. The code is valid for a lifetime, and importers and exporters must renew the license every year. DGFT introduced DGFT Importer Exporter Code (IEC) Code to provide various benefits to importers-exporters. Here are some of the most common import/export activities where importers/exporters require IEC registration.

Why is IEC required ?

DGFT introduced DGFT IEC code to provide various benefits to importers-exporters. Here are some of the activities where importers/exporters require IEC registration.

Efficient compliance and easy processing: The IEC code complies with the legal requirements and regulations governing import/export activities, thereby avoiding any potential legal issues or penalties. Also, its registration simplifies documentation by acting as a common identifier for customs clearance, shipping, banking, etc.

Getting global expansion incentives: DGFT ensures that the IEC code is necessary to receive benefits and incentives. These incentives include participation in import-export incentive schemes and access to certain subsidies. An IEC code allows importers/exporters to carry out activities globally without any limitations.

Customs clearance: Customs officials make it mandatory to submit an import-export certificate to clear imported or exported goods.

Bank transactions: Banks require IEC for documentation purposes. When an exporter receives money in foreign currency in a bank account in exchange for exports. Or an importer sends money abroad or an exporter receives foreign currency.