{"id":439,"date":"2020-12-18T07:20:38","date_gmt":"2020-12-18T07:20:38","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=439"},"modified":"2020-12-18T07:20:40","modified_gmt":"2020-12-18T07:20:40","slug":"important-features-of-import-export-code","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/","title":{"rendered":"Important Features of Import Export Code"},"content":{"rendered":"\n<p>With the passage\nof time, the companies are contributing towards the development of the nation\nby expanding their business throughout the world. All the Indian companies\ncarrying out import and export activities in India are required to obtain\nImport Export Code (IEC). IEC registration is compulsory, and no business can\ninvolve in the activities of import and export without the IEC License.\nTherefore, important features of import and export code shall be discussed in\nthis article. <\/p>\n\n\n\n<p>Once a business\nobtains IEC, it can be utilized by it throughout its existence and does not\nnecessarily require any renewal.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ace46e0328\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ace46e0328\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#Why_there_is_a_need_for_Import_Export_Code\" title=\"Why there is a need for Import\nExport Code?\">Why there is a need for Import\nExport Code?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#Import_Export_Code_IEC_Registration\" title=\"Import Export Code (IEC)\nRegistration\">Import Export Code (IEC)\nRegistration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#What_are_the_documents_that_are_required_for_the_registration_of_Import_Export_Code\" title=\"What are the documents that are\nrequired for the registration of Import Export Code? \">What are the documents that are\nrequired for the registration of Import Export Code? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#What_are_the_Features_of_Import_Export_Code\" title=\"What are the Features of Import Export Code\">What are the Features of Import Export Code<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#1-_Giving_Opportunity_to_enter_into_the_International_Market\" title=\"1- Giving Opportunity to enter into the International Market\">1- Giving Opportunity to enter into the International Market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#2-_Creating_business_standards\" title=\"2- Creating business standards \">2- Creating business standards <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#3-_Valid_for_lifetime\" title=\"3- Valid for lifetime \">3- Valid for lifetime <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#4-_Restricts_the_Transport_of_illegal_goods\" title=\"4- Restricts the Transport of illegal goods \">4- Restricts the Transport of illegal goods <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#5-_Enjoy_benefits_on_Obtain_Import_Export_Code\" title=\"5- Enjoy benefits on Obtain Import Export Code\">5- Enjoy benefits on Obtain Import Export Code<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#Eligibility_to_obtain_Import_Export_Code\" title=\"Eligibility to obtain Import\nExport Code\">Eligibility to obtain Import\nExport Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/important-features-of-import-export-code\/#Conclusion\" title=\"Conclusion \">Conclusion <\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_there_is_a_need_for_Import_Export_Code\"><\/span>Why there is a need for Import\nExport Code?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The importers\nand exporters need Import Export Code in the following situations: &#8211; <\/p>\n\n\n\n<ul><li>To clear the shipments from the customs required by the customs authorities, it is necessary for the <strong><em>importers<\/em><\/strong> to obtain Import Export Code.<\/li><li>To send the funds via banks, the banks require the <strong><em>importers<\/em><\/strong> to provide Import Export Code.<\/li><li>To clear the shipments the customs port require the <strong><em>exporters<\/em><\/strong> to provide Import Export Code. <\/li><li>To receive funds in foreign currency transferred by exporters via bank, the bank requires the <strong><em>exporters<\/em><\/strong> to provide Import Export Code. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Import_Export_Code_IEC_Registration\"><\/span>Import Export Code (IEC)\nRegistration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In order to\napply for the import export code, the following procedure must be followed: &#8211;<\/p>\n\n\n\n<ul><li>The applicant is required to file an online IEC\napplication form in the format Aayaat Niryaat Form no. 2A with the Director\nGeneral of Foreign Trade (DGFT). Otherwise, it can also be done at the Regional\noffice of DGFT offline. <\/li><li>All documents are required to be submitted,\nincluding DSC and bank details. <\/li><li>On the payment of the prescribed registration\nfee, the Import Export Code will be allotted and the application is going to be\nprocessed further.<\/li><li>Upon the verification of the application and\ndocuments by the authorities, the applicant shall be granted with the Import\nExport License as a soft copy. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_documents_that_are_required_for_the_registration_of_Import_Export_Code\"><\/span>What are the documents that are\nrequired for the registration of Import Export Code? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The documents that are required for the <strong><a href=\"https:\/\/swaritadvisors.com\/iec-registration\" class=\"text-primary\">IEC registration<\/a><\/strong> are: &#8211; <\/p>\n\n\n\n<ul><li>PAN Card of the company or the individual<\/li><li>Copy of Aadhar Card, Voter Id or passport of the individual or the company<\/li><li>Passport size photograph<\/li><li>Current bank account statement of the company or personal savings account <\/li><li>Address Proof (requiring a copy of lease deed or rent deed, electricity or phone bill, sale deed)<\/li><li>Incorporation Certificate or Partnership deed<\/li><li>Copy of Cancelled cheque of the current bank account of the company or firm or proprietor. <\/li><li>Copy of <strong>RBI<sup><strong><em><a class=\"text-primary\" href=\"https:\/\/www.rbi.org.in\/\">[1]<\/a><\/em><\/strong><\/sup><\/strong> approval if the applicant has a non-resident interest in the firm or the company or he is a non-resident Indian (NRI) <\/li><li>A net banking account or credit or debit card for online payment of government fees, that is, Rs. 500. <\/li><li>Details of the proprietor if it is a company and details of partners if it is a firm or director<\/li><li>DSC of the members of the firm for submission. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Features_of_Import_Export_Code\"><\/span>What are the Features of Import Export Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Budget-2020-Revised-Income-Tax-Slabs-FY-2020-21-AY-2021-22.png\" alt=\"\" class=\"wp-image-443\" width=\"459\" height=\"459\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Budget-2020-Revised-Income-Tax-Slabs-FY-2020-21-AY-2021-22.png 1000w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Budget-2020-Revised-Income-Tax-Slabs-FY-2020-21-AY-2021-22-150x150.png 150w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Budget-2020-Revised-Income-Tax-Slabs-FY-2020-21-AY-2021-22-300x300.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Budget-2020-Revised-Income-Tax-Slabs-FY-2020-21-AY-2021-22-768x768.png 768w\" sizes=\"(max-width: 459px) 100vw, 459px\" \/><\/figure><\/div>\n\n\n\n<p>Import and\nexport code provides many opportunities to the businesses who wish to expand\ntheir business globally. Not only the expansion provides growth and development\nto your business, but it also brings out a certain level of standard and\nreputation to that business. Therefore, the important features of Import Export\nCode are: &#8211; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1-_Giving_Opportunity_to_enter_into_the_International_Market\"><\/span>1- Giving Opportunity to enter into the International Market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The import\nexport code is required for the import and export of business. It gives the\nopportunity to the people to reach out and unlock the international markets. It\nhelps the businesses to enhance and upgrade their business quality and take it\nto a new level. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2-_Creating_business_standards\"><\/span>2- Creating business standards <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the key features\nof import export code is that it helps to establish business standards as the\nbusiness is reached out globally. It helps to maintain a healthy business\nrelationship between the clients. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3-_Valid_for_lifetime\"><\/span>3- Valid for lifetime <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The import-export code has a validity of a lifetime and thus it comes under the key features of import and export code. A business once obtains an IEC can enjoy its validity and utilize it till the time it exists. The unique 10 digit code does not need any renewal. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4-_Restricts_the_Transport_of_illegal_goods\"><\/span>4- Restricts the Transport of illegal goods <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>According to the instructions and requirements to obtain import-export code, it is necessary to provide authentic information to the concerned authorities. A person cannot obtain an IEC unless he does not provide authentic information. Therefore, it helps to reduce or restrict the transport of illegal goods by the people. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5-_Enjoy_benefits_on_Obtain_Import_Export_Code\"><\/span>5- Enjoy benefits on Obtain Import Export Code<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another aspect that comes under the key features of the Import Export Code is that a company or an individual can enjoy many benefits once it obtains import-export code for its business. It can get benefits on Import-Export from Export Promotion Counsel or Director General of Foreign Trade (DGFT) etc. One can also claim a refund of taxes paid at the time of exporting the goods. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_to_obtain_Import_Export_Code\"><\/span>Eligibility to obtain Import\nExport Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any time of business, whether Partnership firm, Sole Proprietorship, Charitable Organization and <strong><a href=\"https:\/\/swaritadvisors.com\/private-limited-company-registration\" class=\"text-primary\">Private Limited Company<\/a><\/strong> can register for Import Export Code while dealing with import and export of goods. <\/p>\n\n\n\n<p>However, import-export code is not required if the goods are for personal use and not connected with trade, agriculture or manufacture. \u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Import Export Code is mandatory for those businesses that are willing to expand their business throughout the world. With the growth and development of the new industries, import-export code helps the business to grow and form new changes with the requirements of the people. Because of the important features of the import export code, this 10 digit code can be used by the businesses to carry out their trade without any renewal of it, as it is valid for a lifetime. Once the business obtains IEC, it can involve in import and export of goods and services with no issues. <\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/gst-department-cannot-block-import-export-code-bombay-hc\/\">GST Department Cannot Block Import Export Code: Bombay HC<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the passage of time, the companies are contributing towards the development of the nation by expanding their business throughout the world. All the Indian companies carrying out import and export activities in India are required to obtain Import Export Code (IEC). IEC registration is compulsory, and no business can involve in the activities of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40],"tags":[105],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/439"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=439"}],"version-history":[{"count":6,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/439\/revisions"}],"predecessor-version":[{"id":448,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/439\/revisions\/448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/440"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}