How to do Export Business | Important of IEC in International Trade | Indian Trade Policy |

Описание: ‪@bhudevglobal‬
Introduction:
Welcome to Bhudev Global! In today's video, we'll dive into the world of import-export procedures and explore the pivotal role of the IEC (Import Export Code) number in facilitating international trade. Let's get started!

[Transition to Information from Indian Trade Portal]
The Indian Trade Portal is a valuable resource for understanding the significance of the IEC number in the import-export business. Let's uncover the key aspects:

What is IEC (Import Export Code) Number?

The IEC number is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT).
It's a unique identification number mandatory for businesses involved in import and export activities.
This code acts as a license, permitting businesses to engage in cross-border trade.
Importance of IEC in Export and Import Procedures:

Essential for Customs Clearance: The IEC number is a prerequisite for clearing customs for both imports and exports.
Enables International Trade: It is crucial for availing various benefits and incentives offered by the government for exporters.
Opening Bank Accounts: Banks require the IEC number for remittances related to international trade transactions.
Registering with Export Promotion Councils: Businesses need it to register with export promotion councils for specific products.
Applying for IEC:

The application process involves filling the Aayaat Niryaat Form (ANF) 2A online on the DGFT website.
Detailed information about the business, its proprietor/partners/directors, bank details, and more is required.
Documents such as PAN, Aadhar, bank certificate, and business details are necessary for the application.
Once approved, the IEC number is issued, enabling businesses to engage in global trade.
Your Query :
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