What is IEC (Import Export Code)?
An individual or a business entity that deals in import or export in Indian territory needs a 10 digit Import Export Code (also known as IEC) that’s issued by DGFT, Ministry of Commerce and Industries, Govt. of India. IEC is mandatory for importing or exporting goods with few exceptions. For services it is not necessary, except when the service provider is taking benefits under the Foreign Trade Policy.
Below are the few exceptions where IEC is not mandatory:
- It is not required in case of goods imported or exported for personal use.
- It is not required when the import or export is done by Govt. of India departments and Ministries, or Charitable Institutions.
- The latest circular issued by Government of India states that IEC is not mandatory for traders registered under GST. In such cases, the PAN will be treated as the new IEC code.
When is IEC required?
- When an importer has to clear his shipment from customs then Customs authorities need IEC to clear the shipments.
- When an importer sends money abroad through banks then the bank needs it to make the transfer.
- When an exporter has to send his shipments then IEC is needed by the customs port.
- When an exporter is supposed to receive money in foreign currency, IEC code is required to transfer the money directly to his account .
Let us now discuss the procedure of applying for IEC. Below is the list of documents that you need to keep ready before registration.
Documents required for applying for IEC
- PAN Number
- GSTIN Certificate
- Copy of Voter Id/ Aadhar/Passport/ Driving License
- Covering letter on your company’s letterhead
- Bankers Certificate / Cancelled cheque
- Current Bank Account
- Two copies of passport size photographs of the applicant duly attested by the bank of the applicant.
- Two copies of the application in the prescribed format
- A self-addressed envelope with a postal stamp for delivery of IEC certificate by registered post
- Sale deed/ Memorandum of understanding/partnership deed/ depending on the business and type of ownership
How to apply for IEC Online
Earlier the process for obtaining an IEC was lengthy, but thanks to technology the process of getting an IEC certificate is online and straightforward. Below are the steps that you need to follow in order to register for IEC.
Step 2: Select the “Register” option and fill in your details
Step 3: After entering the details you will receive an OTP on your mobile number and email id for verification
Step 4: After you verify your mobile number and email id, a username and password will be sent to your registered email id. Log in with these credentials.
Step 5: Select ‘Apply IEC’ after logging in
Step 6: Click on ‘Start Fresh Application’
Step 7: Fill all details asked and upload the required documents.
Step 8: You have to pay the application fee, after which you will receive an IEC certificate in your registered email.
Once you obtain an IEC you can start selling internationally and if you still have any queries you can read the below FAQs to get a clear understanding or you can reach out to the helpful stuff of Eunimart which can guide you through the process of getting an IEC certificate.
FAQs related to IEC
Is there a separate code for Import and Export?
No, the same IEC can be used for import as well as export.
Are there any renewals in IEC?
IEC registration is a one-time registration and it has a lifetime validity
How is the registration number allotted for IEC number?
Previously, the IEC department would issue a separate number for IEC code.But now PAN of an applicant will be the registration number of IEC. Hence the PAN and IEC number will be the same.
Is the IEC required for import or export of goods for personal use?
No, IEC is mandatory only for business and commercial purposes.
Do we need to take different IEC numbers for each firm?
Not every firm has to apply for IEC. But IEC is associated with PAN. Hence, if a person has more than one proprietorship firm then for every firm only one IEC registration is to be taken.
Are Government departments required to have IEC?
The State government or Central government departments are not required to take IEC registration. They are allotted a fixed number which is quoted for any such transactions.
Is there a fee or any charges for getting an IEC?
Yes, the application fee for IEC is Rs 500
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