Import Export (IE) Code is a 10 digit code that is required for persons importing or exporting goods and services from or to India. So, an importer cannot import without IE Code & an exporter cannot avail the benefits of various exporter friendly schemes of DGFT, export promotion council & customs, without the IE Code. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code is valid for all divisions/units/branches etc.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less. It is advisable to take the IE Code irrespective of no requirement at the moment. In the following cases, the requirement of IE Code arises:
• For clearing shipments.
• When importer sends money abroad through the ban.
• When the exporter sends the shipment.
• When the exporter receives money into his bank account.
In the following cases, IE Code is not required:
• Traders registered under GST.
• Goods exported or imported for personal purposes.
• Government of India Departments & Ministries.
• Notified charitable institutions.
Why IE Code Registration?
IE Code is issued for the lifetime of the entity and requires no renewal. So once an IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
BENEFITS UNDER VARIOUS SCHEMES
The Holder of IE Code can take benefit of various schemes like SEIS, MEIS, etc. & benefits from DGFT, customs & export promotion council.
NOT NECESSARY BUSINESS ENTITY
DGFT does not specify any requirement that only a business entity can take IE Code. Rather Proprietors can also take IE Code in their name.
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain the validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
It is easier to obtain IE code from DGFT within 10-15 days after the submission of application. It is not required to show proof of any import or export to get IE code.
IEC helps you to take your product or services to the international market and expand your businesses.
FACILITATES IMPORT AND EXPORT
Whether you’re an importer or exporter, it is necessary to have an IE code for all the transactions. Banks also require IE code to process money against the transaction.
Once the IEC number gets generated the owner has the legal protection from getting penalized and other consequences
The IEC, once issued, is valid throughout the county, in all your branches or factories. It needs to be quoted while your goods go through customs and while sending money abroad or receiving money from abroad.
4. Sale Deed (in case of the business premise is self-owned)
5. Certificate of Incorporation (in case of Company)
6. Rental/Lease Agreement (In case of rented/leased)
7. Bank Certificate (in case the canceled cheque is not available)
8. Copy of Partnership deed (In case of Partnership)
9. Board Resolution/self-declaration (In case of Company)
10. List of partners or directors in case of partnership firm/Limited Liability Partnership firm or Company respectively along with their residential address, ID proof, passport size photograph, and PAN card.
All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods and services from India. Additionally, now RBI requests person importing or exporting services to also mention IE Code in foreign remittances in a bank account. Therefore, the IE Code is required for anyone involved in import or export in India.
• A person exporting or importing goods for personal use and not for activities related to business.
• Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.
• Ministries or departments of the central government.
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