Import Export Code Number is a unique 10 digit code number issued by the Government of India. If a person is interested in making imports & exports, then it is mandatory for him to apply for Import Export Code Number (IEC). forms the primary document for recognition by the Government of India as an Exporter/Importer.
IEC Code needs to be quoted while sending shipments and receiving money from abroad because banks need the IE Code of exporters to receive money from abroad. It is known by various other names such as import-export license, import-export number, IEC License, etc.IEC can be obtained in the name of a person or name of the company.
On the basis of the Import Export Code, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council, etc. It is mandatory to validate the form and other documents using a digital signature. There is no need to file returns in the case of IEC. Further, it is issued for a lifetime and does not require any renewal.
IEC is required in the following situations
1. When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
2. When an importer sends money abroad through banks then it’s needed by the bank.
3. When an exporter has to send his shipments then its needed by the customs port.
4. When an exporter receives money in foreign currency directly into his bank account then its required by the bank.Documents required for Import Export Code are:
1. Passport size photograph
2. Voter I'd/ Aadhaar Card
3. Authorization Letter, partnership (in case of a partnership)
4. Telephone bill
5. PAN of applicant
6. Canceled cheque
7. Ownership Documents (in case of owned premises)
8. Rent Agreement (in case of rented premises)
9. Incorporation Certificate, MOA, AOA (in case of a company)
10. Copy of returns filed
For more information, please visit http://220.127.116.11:8080/dgftiec/panSearch.jsp
For information regarding Digital Signature, click https://allroundtaxsolutions.com/digital-signature/