IEC CODE HAS TO BE UPDATED EVERY YEAR OR ELSE DEACTIVATED
Anyone who is willing to kick start his/her import/export business in the country requires IEC (Import Export Code). It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC
IEC IS REQUIRED IN THE FOLLOWING SITUATIONS:
2. When an importer sends money abroad through banks then it's needed by the bank.
1. When an importer has to clear his shipments from the customs then it's needed by the customs authorities.
3. When an exporter has to send his shipments then its needed by the customs port.
4. When an exporter receives money in foreign currency directly into his bank account then its required by the bank.
Benefits of IEC Registration
1. Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
2. Availing Several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
3. No Filling of returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
4. Easy Processing
It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
5. No need for renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
Documents required for IEC (Import Export Code) Registration:
For IEC Code Registration following documents are required:
Steps Involved in IEC (Import/Export Code) Registration:
Step 1: Application Form
First, you need to prepare an application form in the specified format - Aayaat Niryaat Form ANF-2A format and file it with the respective Regional office of DGFT.
Step 2: Documents
Secondly, you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
Step 3: Filing Application
Once your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
Step 4: IEC Code
Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.
NOW UPDATION OF IEC (IMPORT & EXPORT CODE) IS NECESSARY.
New circular for applying, updating IEC (Now e-IEC). Every year from April to June even if all details of IEC remain same all existing holders have to confirmed compulsory. IEC may be de-activated if not updated/ confirmed. Whatever queries raised by DGFT will be flagged in IEC and reply has to be given within specified time.
Detail of circular is as below:
Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020:
S.O.(E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.
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