We at SAAAR believe in rendering high-quality services not only confined to domestic business but also for growing the business beyond local limits in the overseas market. Before moving global, many laws and procedures in place are essential to be followed, and several registrations/licenses are needed. Import Export Code (IEC) is one of such registration which is mandatorily required for import and exports. IEC is the prerequisite for the imports or exports to and from India. The department issues IEC for the lifetime and does not require any renewal. We are proud to introduce ourselves as the best consultants for IEC Code registration and import export code application process in Delhi.
Import Export Code is a ten-digit identification number which is issued by the Director-General of Foreign Trade (DGFT), Department of Commerce, Government of India. Companies and businesses must obtain this code to commence operations in the territory of India. It is practically impossible to conduct transactions of import and exports without this code.
There are specific regulations and processes which are required to get fulfilled to get the Import Export Code. You also need to adhere to particular rules. Once you fulfil all the conditions, you can get the code from the DGFT offices. DGFT has various regional offices in the country.
Why is IEC required?
- For the clearance of the consignments by an importer from the customs
- For exporting the shipments by the exporters through the customs port
- For inward remittances in foreign exchange directly into the bank accounts
- For getting benefits on imports and exports from Customs, foreign trade policies (FTP) as regulated by DGFT, etc.
What are the documents required for IEC registration?
- Copy of PAN Card (For Individual / Firm / Company)
- Aadhaar Card / Passport / Voter ID (For proprietors)
- Proof of address of the firm. In case the proof is not in the name of the applicant firm, a NOC by the owner of the premises in favour of the firm along with the address proof is to be submitted in a single PDF document.
- Bank certificate / pre-printed cancelled cheque is mandatorily required
- Contact details: Mobile number and e-mail I’d of all individuals/directors/partners
- Any one of the following:
- Sale deed
- Rent agreement
- Lease Deed
- Electricity bill
- Telephone bill
- Mobile Postpaid bill
- Memorandum of Understanding (MOU)
- Partnership Deed
Benefits of IEC registration
There are various benefits of IEC registration as discussed below:
1.) Expansion of Business
IEC assist the business to bring their services or products to the global market and at the same time helps to grow their business.
2.)No Filing of returns
IEC does not require the filing of any returns. Even for export transactions, no need to file any return with DGFT.
3.) Easy Processing
The process to obtain the certificate of IEC is a fairly easy one. We can obtain the IEC code from the DGFT within a few days after submitting the application.
DGFT is applying a new amendment for updating IEC. Now, every year from April to June, even if all details of IEC remain the same, all existing holders have to be confirmed compulsory. IEC may be de-activated if not confirmed.
Suspension and cancellation of Importer-exporter Code Number. –
The IEC code can be suspended or cancelled by the department under the following cases:
1. If any person has violated the law relating to foreign exchange or Central excise or customs or committed any other economic offence under any other law for the time being in force as may be specified by the CG as notified in the Official Gazette.
2. Suppose the DGFT has a reason to believe that any person has made an export or import in such a manner that may be prejudicial to the trade relations of India with any foreign country or the interest of other persons engaged in imports or exports or has brought shame to the credit of the country. In that case, the Director-General may call for any further information from such person and may give a notice of writing mentioning the grounds on which it is proposed to cancel or suspend the IEC number after providing an opportunity of being heard.
3. Where the IEC number granted to a person has been cancelled or suspended, that person will not be allowed to export or import any goods except under special license subject to such conditions as may be prescribed by the Department General of Foreign Trade.
For any assistance regarding IEC code registration and related matters, you can reach us atinfo@saaar.co.in.Our experienced experts can help you in obtaining IEC code registration in Delhi faster and hassle-free.
Frequently Asked Questions
- Is there any requirement for renewal/update of Import- Export Code? What is the fee for IEC Code renewal/ update?
Yes, renewal of the IEC Code is mandatory. One needs to update the details every year. Govt fee of Rs 200 is applicable to Renew/update the IEC.
- Do I need to take IEC Code if I’m involved in the services sector?
Yes, service providers also need to have an IEC Code if they are taking the benefits provided under the Foreign Trade Policy.
- What is the government fee for the IEC Code application?
The government fee to apply for the IEC Code is Rs 500.
- How much time does it take to issue the IEC Certificate after completing the process?
The IEC Code is issued immediately after successfully completing the application process.
- When does the Import Export Code reflect on the ICEGATE portal?
The IEC Code reflects on the ICEGATE portal immediately after the code issue.
- Can one applicant have 2 IEC codes?
No, this code is PAN based. So, there can only be one IEC Code for one PAN holder.
- Can I modify the name of my entity in the IEC Certificate?
Yes, it is possible.
The name of a proprietorship firm can be changed manually. And in the case of partnership firms, LLP, Trust, Society and HUF, the name corresponds to the name given on the PAN.
For companies, the name is taken from the ministry of corporate affairs (MCA).
