Every person undertaking the export and import transaction in India is required to obtain import export code. The import-export code once obtained is valid throughout the existence of the entity and no further renewal or filing is required.
The import-export code is issued by the directorate general of foreign trade (DGFT), ministry of commerce and industries, Government of India. Obtaining import export code in case of goods is mandatory however in case of export or import of services IEC code is required only in certain specified cases. These services may include the services or technologies concerned with the national security of the country.
Importance of obtaining IEC code
• It is mandatory for undertaking import and export activities.
•Customs clearance for goods is obtained through IEC.
• Companies can enjoy various benefits on imports and exports from DGFT, Customs, and Export Promotion Council etc.
• Through IEC the transport of illegal goods is prevented.
Documents required for obtaining Import Export Code
1. Identity proof (Passport, driving license, adhar card, voter ID card etc.)
2. Business identity proof(Partnership deed, incorporation certification or registration certificate)
3. PAN card number.
4. Canceled check copy
5. Business address proof (Sale deed, lease deed or rental agreement.)
In order to obtain the import-export code, an IEC application shall be submitted to the Regional Joint DGFT office along with the above-mentioned documents. The IEC is granted within the time period of 15-20 working days.