What is the Import Export Code?
The Importer Exporter Code (IEC) is a unique 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce, Government of India. It is a mandatory requirement for any business entity involved in importing or exporting goods and services from India. The IEC serves as the primary identifier for these transactions and is essential for businesses to engage in international trade. The process of obtaining an IEC is straightforward, and once issued, it is valid for the lifetime of the entity without the need for renewal. This ensures that businesses can operate seamlessly without the hassle of periodic renewals. The IEC not only facilitates smoother trade transactions but also helps businesses establish their presence in the global market, enabling them to expand their operations beyond national borders.
What is the Eligibility to Get
the Import Export Code in India?
- Legal Entity: The applicant must be a registered legal entity in India. This includes individuals, sole proprietorships, partnerships, limited liability partnerships (LLPs), private limited companies, public limited companies, trusts, HUFs (Hindu Undivided Families), and societies.
- PAN Card: The entity must possess a valid Permanent Account Number (PAN) issued by the Income Tax Department of India. The IEC is linked to the PAN of the entity.
- Bank Account: The applicant must have a current bank account in the name of the entity with a bank authorized to deal in foreign exchange.
- Documentation: The entity must provide the necessary documents, such as identity proof, address proof, and proof of establishment, as per the type of entity (e.g., sole proprietorship, partnership firm, company).
- No Prior IEC: If the applicant already holds an IEC, they are not eligible to apply for another IEC in the same name.