What is IEC Code in Export?

Описание: What is IEC Code in Export?

IEC, or Import-Export Code, is a 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT) in India. It is a mandatory requirement for businesses or individuals involved in international trade, specifically for those who wish to engage in the import or export of goods and services from India.

1. Essential for International Trade: The IEC code is a crucial document for any entity that wants to participate in cross-border trade activities. It is a legal requirement under the Foreign Trade (Development and Regulation) Act, 1992.
2. Unique Identification: Each IEC code is unique to the applicant and is used to identify them for customs authorities and various government agencies. It's similar to a passport for your business in the international market.
3. No Restriction on Goods: The IEC code is not limited to a specific type of product or service. It can be used for any type of goods or services that are eligible for import/export.
4. No Need for Renewal: Once obtained, an IEC code doesn't need to be renewed. It is valid for a lifetime, as long as the business remains operational.
5. Application Process: To obtain an IEC code, an applicant needs to apply to the DGFT or its regional offices. The application typically involves submitting certain documents, such as PAN (Permanent Account Number) card, bank details, and address proof, along with the prescribed fee.

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