Know about Import Export Code
All companies which are involved in import and export of goods mandatorily requires an import export code or IEC. Registration
What does the import/export Code Mean?
A company or authorized individual that implements import/export may apply for an Import Export Code (IEC code), which is a ten-digit number that is permanently valid and issued by the Directorate General of Foreign Trade Ministry of Commerce and Industry. Without this code, Importers are unable to proceed and if they don't have this code ,exporters are unable to benefit from exports from DGFT ,Export Promotion Council and Customs.Hence, IEC code Registration is mandatory for businesses involved in import and export of goods.
Requirement of IE Code
Following are the samples where IE Code would be required.
Custom authorities need it, when an importer has to clear his shipments from customs.
When an Importer send money overseas through banks,it is needed by the banks.
It is needed by the customs port when an exporter has to send his shipment.
Submission of IE code is required ,when exporter receoives foreign currency directly into his bank account.
An individual does not need to be a registered entity in order to apply for an import export code. Import Export Lincense can be referred to as Import License,Export License,IE Code,IEC Code ,EXIM License.
