Apr 20, 2019
IEC Required in the following situations
If the Organizations or firms plans to do any import/export activities then it is mandatory. Without IEC, the Organizations or firms cannot perform any import/export activities.
Organizations or firms can take different advantages and or / subsidies from DGFT, Customs, and Export Promotion Council on their Import Export.
To clear or send his shipments from the customs then it is needed by the customs authorities or customs port.
An importer plans to sends money outside India through his banks then it is needed by the bank.
An exporter receives money in foreign currency directly into his bank account then it is required by the bank.
