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IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT).
All businesses which are engaged in Import and Export of goods require registering Import Export Code. IE code has lifetime validity.
Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
The IE Code must be quoted by importers while clearing customs. Also, banks require the importers IE Code while sending money abroad.
For exporters, IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
PROCEDURE TO SET UP EXIM UNIT
For an individual/ business unit to avail incentives under the Foreign Trade Policy, it must first register itself as an EXIM unit.
Following are the broad steps to register as an EXIM unit:
Incorporation of company
Set up a sole proprietary concern/partnership firm/ company.
Open current account
Open a current account with the bank authorized in foreign exchange.
Import Export Code/ PAN
Obtain a Permanent Account Number (PAN) from the Income Tax Department followed by your Importer Exporter Code (IEC) from Directorate General of Foreign Trade.
Registration cum membership certificate
To avail concessions, one must obtain Registration cum Membership Certificate (RCMC) from Export Promotion Council (EPC)/ Federation of Indian Export Organization (FIEO)/ Commodity Boards.
Get risk coverage policy
Get your risks covered from Export Credit Guarantee Corporation (ECGC)through an appropriate insurance policy.
Mandatory documents for export and import in India
As per the Foreign Trade Policy 2015-20 issued by the Ministry of Commerce in December 2017, following are the mandatory documents needed for an EXIM unit to export or import from India:
EXPORTSBill of Lading/ Airway Bill/ Lorry Receipt/ Railway Receipt/ Postal ReceiptCommercial Invoice cum Packing ListShipping Bill/ Bill of Export/ Postal Bill of Export
IMPORTSBill of Lading/ Airway Bill/ Lorry Receipt/ Railway Receipt/ Postal Receipt in form CN-22 or CN-23Commercial Invoice cum Packing ListBill of Entry
Note: For export or import of specific goods or category of goods, which are subject to any restriction/policy condition or require NOC/ product-specific compliances under any statute, the regulatory authority concerned may notify additional documents for purposes of export or import.
FEATURES OF IEC
All importers who import goods are required to register Import export code and all exporters need this code to obtain the benefits of exports.
IEC code holder does not require filing of any returns.
IEC Code is issued for lifetime and requires no renewal.
Even individuals who are proprietors can obtain the code in their name.
IEC DOCUMENTS IN RESPECT OF INDIVIDUAL/ PROPRIETOR/ PARTNER/ DIRECTOR
Copy of PAN Card
Passport size photograph
Copy of Aadhaar Card/ Voter identity card
Telephone Bill in the name of the Individual (In case of individual)
Cancelled cheque of individual.
IEC DOCUMENTS IN RESPECT OF ENTITY
Copy of PAN Card Firm / Company
Cancelled cheque of firm
Electricity/ water bill (Business Place)
Telephone Bill in the name of the business
Certificate of incorporation (In case of company)Identity and Address proof of all directors.