Import Export Code (IEC) is issued by the Director General of Foreign Trade, Department of Commerce. It is a 10 digit number which is required to obtain by every person involved in international trade of Export and Import or in other words we can say that it is required to be obtained by every person who is engaged in the business of selling of goods or services in the international market. Each type of business which involves foreign transfer is required to obtain an IEC number. IEC Registration can be done digitally hence there is no need to visit DGFT.
It is obtained for clearing the goods from customs authority. The size of the business doesn't matter, without IEC number no seller can import or export goods.
1. It acts as a license for Importing and Exporting of goods and primary proof for a firm as an Importer/ Exporter in India.
2. It is submitted to various government authorities to obtain benefits in respect of their export and import from customs, DGFT, Export Promotion Council etc.
3. It provides dealer code details along with the details of the port from where goods are being imported and exported.
4. To obtain IEC code the full information is needed to be furnished regarding the goods that will be imported or exported.
5. IEC number shall be valid for all the divisions/units and factories indicated on the IEC number.
6. With IEC, goods are cleared from the customs authorities.
7. It helps in reducing the transport of illegal goods.
In case IEC number lost or misplaced, a request will be made to the issuing authority to grant a duplicate copy of IEC number.
Following documents need to be accompanied for this purpose for IEC registration?
In case IEC holder does not wish to operate the allotted IEC number then the same can be surrendered by intimating the issuing authority. The issuing authority after receiving the intimation shall cancel the same and transmit it to DGFT for further transmission to the customs and to other regional authorities to intimate them about the IEC number which has become inoperative.