{"id":19609,"date":"2023-06-12T18:23:53","date_gmt":"2023-06-12T18:23:53","guid":{"rendered":"https:\/\/digitalbnc.com\/stylview\/?p=19609"},"modified":"2023-06-12T18:25:07","modified_gmt":"2023-06-12T18:25:07","slug":"what-is-iec-import-export-code-in-india","status":"publish","type":"post","link":"https:\/\/digitalbnc.com\/stylview\/what-is-iec-import-export-code-in-india\/","title":{"rendered":"What is IEC | Import Export Code in India?"},"content":{"rendered":"\n

Everyone wants to expand their company outside the boundaries of the domestic market in this era of cut-throat competition. But doing business worldwide isn’t just a cup of tea for everyone. In India, for making export or import to another country the concern must have the license (registration certificate) of Import-Export code for making such transactions.<\/p>\n\n\n\n

It is issued by DGFT (Director General of Foreign Trade). It\u2019s a 10 code (PAN of concern) issued by the authority which is valid for lifetime. Neither the Importers merchant import goods without the Import Export Code nor they can take advantage of DGFT for the export program, etc. without IEC.<\/p>\n\n\n\n

This is a prerequisite criterion that concern needs to follow before making the import or export.<\/p>\n\n\n\n

IEC required for transaction<\/a><\/h2>\n\n\n\n

\u27b2 Customs Clearance<\/p>\n\n\n\n

When Importer import goods from other countries then at the custom port he needs to produce the IEC certificate for clearing the goods from the custom port. Goods will remove from custom port only when all the required documents along with duty will be paid by the importer and IEC is one the document which will be required here. Similarly when Indian trader exports its goods to outside the country then IEC will be needed.<\/p>\n\n\n\n

\u27b2 For Importer banking purpose<\/p>\n\n\n\n

When an importer sends money into a foreign country through the banking channel then banks ask for an IEC certificate from the importer for such transactions. Without IEC certificate importer can\u2019t transact (transfer of money) to a foreign county.<\/p>\n\n\n\n

\u27b2 Exporting of goods<\/p>\n\n\n\n

When Indian trader wants to export its goods to a foreign country, then at the time of export Indian custom department will ask for IEC certificate, without it trader can\u2019t make the export. It is one of the important documents while making export.<\/p>\n\n\n\n

\u27b2 Exporter Banking Purpose<\/p>\n\n\n\n

When the exporter receives money from the foreign importer in the bank account then the exporter has to submit the IEC certificate to the bank for clearing the transaction.<\/p>\n\n\n\n

Benefits of registration<\/a><\/h2>\n\n\n\n

\u27b2 <\/strong>Business expansion<\/p>\n\n\n\n

Everyone wants to expand their company outside the boundaries of the domestic market in this era of cut-throat competition and for this, every trader want to do trade with a foreign country, which will lead to increase in customer\u2019s base and branding in foreign countries<\/p>\n\n\n\n

\u27b2 Other Benefits<\/p>\n\n\n\n

After getting an IEC certificate, the registered entity can avail of the several benefits of their importers\/exporter from the DGFT, exporter promotion council, customs, etc. It will also help in banking transaction settlement when foreign currency is involve at the time of export\/import. Banks ask for the IEC certificate for such transactions.<\/p>\n\n\n\n

\u27b2 No further compliances<\/p>\n\n\n\n

Unlike other license or registration IEC is a one-time process, means no further compliance is needed to be done once after getting the registration certificate. This is one time and lifetime registration and after registration, no annual returns or compliances need to be fulfilled.<\/p>\n","protected":false},"excerpt":{"rendered":"

Everyone wants to expand their company outside the boundaries of the domestic market in this era of cut-throat competition. But doing business worldwide isn’t just a cup of tea for everyone. In India, for making export or import to another country the concern must have the license (registration certificate) of Import-Export code for making such […]<\/p>\n","protected":false},"author":3,"featured_media":19610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-19609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nImport Export Code | IEC in Delhi NCR, India<\/title>\n<meta name=\"description\" content=\"Everyone wants to expand their company outside the boundaries of the domestic market in this era of cut-throat competition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/digitalbnc.com\/stylview\/what-is-iec-import-export-code-in-india\/\" \/>\n<meta property=\"og:locale\" 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