Indian companies or firms looking to expand beyond domestic borders must comply to several trade regulations and compliance mandates by DGFT’s. One key requirement is obtaining the Import Export Code Registration, a mandatory registration that plays a critical role in every import or export transaction. In this article, we will discuss the various aspects of IEC in detail and understand the process for obtaining it through a series of frequently asked questions (FAQs).
- What is IEC?
- The Importer Exporter Code (IEC) is a unique ten-digit number granted by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry. It is a must for any bonafide individual or company to carry out import or export activities in India.
- Where to Obtain an IEC
- You can obtain an IEC from any Zonal or Regional office of the DGFT, depending on the location of the individual or company. The process is straightforward and can be completed online through the DGFT website.
- What is the Importance of IEC
- The IEC serves as the primary document for recognition by the Government of India as an exporter or importer. With an IEC, companies can avail various benefits related to exports and imports from DGFT, Customs, Export Promotion Councils, and other authorities.
- What is the Application Procedure for IEC ?
- To apply for an IEC, follow these steps:
- Online Application: Submit your application online at the DGFT website http://dgft.gov.in. Ensure that the application is duly filled out and accompanied by the required documents as per Para 2.9 of the Handbook of Procedures Vol I 2009-14, along with the applicable fees.
- IEC Master Details: On the IEC Master dialog, input the party name and press the “Add” button. The system will display a message confirming that the IEC Master details have been successfully added.
- Payment: On the IEC Master details dialog screen, the “Payment details,” “EFT,” and “Verify EFT” buttons will be enabled. You must make the payment of the IEC fee through Electronic Fund Transfer (EFT) as described in Section 3.5 of the Handbook. Without payment, the system will not allow you to proceed.
- Verify Payment: Check the payment status by pressing the “Payment Details” button. Once the payment is successfully verified, other options such as “Branch,” “Director,” “Upload document,” “Update,” and “Submit” will become enabled on the IEC Main dialog screen.
- Fill Additional Details: Provide the remaining details such as:
- Address (including city, state, pincode)
- Contact information (phone/fax, email)
- Date of establishment
- PAN details (date, issuing authority)
- Bank details (banker name, account number, name and designation of the person whose photograph is affixed on the bank certificate)
- Branch and directors’ details
- Note: The pincode is mandatory in the Master Detail screen.
By following these steps, you can successfully obtain an IEC and begin your import-export activities with the recognition and support of the Government of India. For more detailed information and updates, reach out to Compliance Calendar LLP at info@ccoffice.in and connect at 9988424211.
Therefore, obtaining an IEC is a critical step for any individual or company planning to engage in international trade. With the right documentation and adherence to the prescribed procedures, securing an IEC can be a smooth process, enabling you to tap into global markets and avail various government benefits designed to promote exports and imports.
Compliance Calendar LLP is a legal, tax and compliance platform serving startups, SMEs and Industries since 2016 with company registration, trademark registration, business compliance, virtual CFO and all other regulatory licensing and compliance for private limited companies in India including India Entry Services.
