A Gateway to International Trade. Import and Export Code (IEC) is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. It is a mandatory requirement for businesses and individuals involved in import and export activities in India. The IEC serves as a unique identification number for exporters and importers, facilitating their transactions and interactions with customs authorities.
Why is IEC Certificate Important ?
IEC is essential for several reasons. First and foremost, it is a legal requirement under the Foreign Trade Policy of India for any person or entity seeking to engage in import or export activities. Without a valid IEC, businesses cannot import or export goods from India. Secondly, the IEC helps in tracking transactions and ensuring compliance with international trade regulations. It also enables businesses to avail benefits under various export promotion schemes offered by the government.
How to Obtain an IEC Certificate ?
Obtaining an IEC certificate is a relatively straightforward process. Applicants need to fill out the prescribed application form and submit it along with the required documents to the DGFT office. The documents typically include a copy of the PAN card, identity proof, and address proof of the applicant, along with a bank certificate or canceled cheque. Once the application is processed, the DGFT issues the IEC certificate, which is valid for a lifetime unless surrendered or canceled.
Benefits of Having an IEC Certificate
Having an IEC certificate offers several benefits to exporters and importers. It allows businesses to expand their market reach by engaging in international trade. It also enables them to avail various benefits and concessions offered by the government to promote exports. Additionally, IEC holders can establish credibility with overseas partners and banks, facilitating smoother transactions.