Import Export Code (IEC)

IEC stands for Importer Exporter Code. It is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India, to individuals or businesses engaged in importing or exporting goods and services to or from India. Here’s an overview of IEC:

Purpose:

• IEC is mandatory for anyone wishing to carry out import or export activities in India. It is a key identification number required for customs clearance of goods and international trade transactions.

Key Features:

1. Unique Identification: IEC serves as a unique identification number for importers and exporters in India.
2. No Requirement for Renewal: Once obtained, an IEC is valid for the lifetime of the entity and does not require renewal.
3. No Restriction on Import/Export Transactions: There is no limit on the number of import or export transactions that can be carried out using an IEC.
4. No Requirement for Physical Document: The IEC is an electronically generated code, and no physical document is issued. The code is directly transmitted to the applicant online.
5. Use Across India: The IEC is valid across all customs locations in India. It is not location-specific and can be used for import/export transactions nationwide.

Application Process:

• The application for obtaining an IEC can be submitted online through the DGFT’s e-Biz portal.
• The applicant needs to provide relevant details such as PAN (Permanent Account Number), address proof, bank details, etc.
• Once the application is submitted along with the required documents, the IEC is usually issued within 1-2 working days.

Documents Required:

• PAN card of the applicant
• Identity and address proof of the applicant (such as Aadhaar card, Voter ID, Passport, etc.)
• Bank certificate or canceled cheque mentioning the applicant’s bank account details
• Digital photograph of the applicant

Usage:

• The IEC needs to be quoted in all import/export documents and customs declarations filed with the customs authorities.
• It is mandatory to mention the IEC while sending shipments overseas or receiving goods into India.

Obtaining an IEC is a prerequisite for engaging in international trade activities in India. It simplifies the import/export process and facilitates smooth customs clearance of goods. Therefore, businesses or individuals intending to engage in import/export activities should obtain an IEC to comply with regulatory requirements and facilitate international trade transactions.