IMPORT EXPORT CODE

Import Export Code (IEC) is a 10-digit code that is required by a business or a person to import/export goods/services which is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.

Requirement of IEC by:

1. Custom authorities to clear the shipments in the case of any imports.
2. Bank to transfer the amount in the case of any imports made.
3. Exporter to send shipments
4. Exporter yet to receive money in foreign currency and it is transferred directly into his bank account.

Benefits of IEC:

1. IEC is a 10-digit number that is a mandatory requirement for trade relations with international traders.
2. IE Code has lifetime validity and therefore, requires no renewal.
3. Easy to modify and hassle free.
4. Exporters can claim refunds of various taxes and Government may even waive off the Import duty levied on goods subject to certain conditions.
5. Since the export of good/services help in boosting the economy of our country, various incentives are available to exporters.
6. Increased Opportunities to tap foreign markets.
7. No filings to the DGFT are required even if import and export transactions take place.
8. Proprietors of registered business entity can have an IE Code in their name.