{"id":828,"date":"2020-12-31T09:58:20","date_gmt":"2020-12-31T09:58:20","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=828"},"modified":"2020-12-31T09:58:40","modified_gmt":"2020-12-31T09:58:40","slug":"when-iec-code-is-required","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/","title":{"rendered":"All That You Need To Know: When IEC Code is Required?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">For any industry\nthat is indulged in the business of import and export of goods and services, it\nis mandatory to obtain an IEC License. IEC stands for <strong>Import Export Code<\/strong>. It is a unique 10 digit code that is issued by\nthe <strong>Directorate General of Foreign\nTrade, Ministry of Commerce &amp; Industries (DGFT)<\/strong>. The importance of IEC\nis to transfer or receive money to or from foreign banks and clear the customs\nand shipment. This article will provide you with the information regarding all\nthat you need to know about IEC and when IEC code is required? <\/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-6a37df4e2485f\" 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-6a37df4e2485f\"  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\/when-iec-code-is-required\/#IEC_Code_in_India\" title=\"IEC Code in India\">IEC Code in India<\/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\/when-iec-code-is-required\/#Conditions_in_which_IEC_Code_is_required\" title=\"Conditions in which IEC Code is\nrequired\">Conditions in which IEC Code is\nrequired<\/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\/when-iec-code-is-required\/#Conditions_in_which_IEC_Code_is_not_required\" title=\"Conditions in which IEC Code is\nnot required\">Conditions in which IEC Code is\nnot required<\/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\/when-iec-code-is-required\/#Registration_of_IEC_Code_online\" title=\"Registration of IEC Code online\">Registration of IEC Code online<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/#Documents_required_for_the_registration_of_IEC_Code\" title=\"Documents required for the\nregistration of IEC Code \">Documents required for the\nregistration of IEC Code <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/#What_are_the_benefits_of_IEC_Code\" title=\"What are the benefits of IEC\nCode? \">What are the benefits of IEC\nCode? <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/#Business_Expansion\" title=\"Business Expansion\">Business Expansion<\/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\/when-iec-code-is-required\/#Obtaining_several_benefits\" title=\"Obtaining several benefits\">Obtaining several benefits<\/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\/when-iec-code-is-required\/#No_filing_of_returns\" title=\"No filing of returns\">No filing of returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/#Easy_Processing\" title=\"Easy Processing \">Easy Processing <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/#No_renewal_of_IEC_code\" title=\"No renewal of IEC code\">No renewal of IEC code<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/when-iec-code-is-required\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IEC_Code_in_India\"><\/span>IEC Code in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For all the businesses who wish to expand their business globally, has to obtain IEC Code. Import Export Code allows the movement of goods and services without any hindrances. Obtaining import export license is mandatory to clear the customs and allow shipment. IEC code helps the individuals and companies to take off their business to the international market. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conditions_in_which_IEC_Code_is_required\"><\/span>Conditions in which IEC Code is\nrequired<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IEC code is\nrequired in the below mentioned situations: &#8211; <\/p>\n\n\n\n<ol><li>When an importer has to <strong>clear his shipments from the customs<\/strong> then an IEC code is required\nby the customs authorities. <\/li><li>The IEC code is required by the banks when <strong>money is sent to abroad through banks<\/strong>\nby the importer.<\/li><li>The IEC code is required by the customs port\nwhen the <strong>shipment has to be sent<\/strong> by\nthe exporter. <\/li><li>The IEC code is required by the banks when the <strong>money in foreign currency is received<\/strong>\nby the exporter directly in his bank account.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conditions_in_which_IEC_Code_is_not_required\"><\/span>Conditions in which IEC Code is\nnot required<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol><li>When the government departments are exporting and importing then the IEC code is not required. <\/li><li>When the certain notified charitable NGOs are importing and exporting. <\/li><li>When products are imported and exported by a person for his or her personal use. <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Registration_of_IEC_Code_online\"><\/span>Registration of IEC Code online<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The registration of the IEC code is required by a person who is involved in the business of importing and exporting its goods globally. The procedure for registration is as follows: &#8211; <\/p>\n\n\n\n<p>The application\nfor registration is submitted on the Directorate General of Foreign Trade\n(DGFT) website by the applicant. The full information regarding the list of\ndocuments required is provided on the website. The following steps have to be\nfulfilled by the applicant for applying for IEC code. <\/p>\n\n\n\n<ul><li>The first step in the registration of IEC code is that the applicant is required to go to the DGFT website and click on the Service Tab and is required to fill the details of his PAN Card <\/li><li>Then the applicant is required to enter the name, date of birth, incorporation details once is the PAN Card is submitted. <\/li><li>Upon the verification of the PAN Card, the next step is to provide the phone number and email id of the applicant for the OTP. <\/li><li>A 20 digit ECOM (e-commerce) reference number shall be provided to the applicant, as a unique identifier for the application. <\/li><li>Further, the applicant is required to provide the information regarding his import export business entity. <\/li><li>Lastly, a payment has to be made either through debit card or credit card and can also be done through net banking. <\/li><li>Now, the applicant is required to upload the supporting documents and the information so provided by the applicant will appear on the window in ANF- 2A Form. <\/li><\/ul>\n\n\n\n<p>Once all the above-mentioned steps are completed, the applicant shall receive an e- IEC certificate. And the import export license will be received within <strong>15 days<\/strong> from the date of the application. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_required_for_the_registration_of_IEC_Code\"><\/span>Documents required for the\nregistration of IEC Code <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IEC code is\nrequired for the import export trade, and the documents that are required for\nthe registration of IEC code are as follows: &#8211;<\/p>\n\n\n\n<ul><li>PAN Card of the individual or the company.<\/li><li>Aadhar Card, Passport or voter id and Photograph of the applicant.<\/li><li>Memorandum of Association (MOA), Articles of Association (AOA), Partnership deed of the company.<\/li><li>Certificate of Incorporation, Sale deed, Bank certificate.<\/li><li>Copy of cancelled cheque of a current bank account.<\/li><li>Personal or Current bank account statement of the individual or company.<\/li><li>Copy of electricity bill or rent agreement.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_IEC_Code\"><\/span>What are the benefits of IEC\nCode? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IEC Code is required by every individual or company engaged in the business of import and export. There are many benefits of IEC Code, some of which are discussed as follows:<\/p>\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\/Business-Expansion.png\" alt=\"IEC Code benefits\" class=\"wp-image-831\" width=\"805\" height=\"271\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Business-Expansion-300x102.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2020\/12\/Business-Expansion-768x260.png 768w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_Expansion\"><\/span>Business Expansion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IEC code helps\nto make goods and services of the individual or company, reach to the global\nmarket and this leads to the expansion and growth of the business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Obtaining_several_benefits\"><\/span>Obtaining several benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The individuals or companies can obtain several benefits on their import or export of goods and services from the Directorate General of Foreign Trade (DGFT), Export Promotion Council, customs and etc on the grounds of their <strong><a href=\"https:\/\/swaritadvisors.com\/iec-registration\" class=\"text-primary\">IEC Code registration<\/a><\/strong>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_filing_of_returns\"><\/span>No filing of returns<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One the IEC code\nis obtain there is no need to file any returns. It does not require following\nany sort of processes for upholding the validity of IEC code once obtained.\nThere is no need to file any returns with the DGFT for export transactions. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Easy_Processing\"><\/span>Easy Processing <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once the\napplication is submitted for the registration of IEC code, it is quite easy to\nobtain it from the DGFT within a period of <strong>10\nto 15 days<\/strong>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_renewal_of_IEC_code\"><\/span>No renewal of IEC code<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once the IEC\ncode is obtained, it is not required to renew the IEC code again and is effective\nfor a lifetime of an entity and can be used by it against all the import and\nexport transactions. <\/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>Once the IEC code is obtained by an individual or a company, there is no need to renew it till the lifetime of the business. For every individual or a company who wants to grow and expand their business globally, it is mandatory to obtain IEC code. IEC code is required, for import export trade and there are many benefits that can be enjoyed by an individual or a company, once it is obtained.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/what-to-do-if-your-iec-application-is-rejected\/\">What to do if Your IEC Application is Rejected?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For any industry that is indulged in the business of import and export of goods and services, it is mandatory to obtain an IEC License. IEC stands for Import Export Code. It is a unique 10 digit code that is issued by the Directorate General of Foreign Trade, Ministry of Commerce &amp; Industries (DGFT). The [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40],"tags":[134],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/828"}],"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=828"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/828\/revisions"}],"predecessor-version":[{"id":839,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/828\/revisions\/839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/830"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}