Import/Export Licence

The Importer – Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies.

The nature of the firm obtaining an IEC may be any of the follows- “Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society.” Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC would be separately issued by DGFT.

Benefits :

  • It supports you in taking your business to the global market
  • Businesses can avail government schemes like the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and export promotion
  • IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of process for sustaining its validity
  • It’s very easy to obtain the IEC in 2-3 weeks

WHERE IEC IS REQUIRED?

  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 it’s needed by the customs port.
  4. When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.