What is Import Export Code
Import Export code more commonly known as IEC is a ten digit code number. It is given to an Importer or Exporter by Director General of Foreign Trade, Ministry of Commerce and Industries, Government of India. Any Entrepreneur who wishes to import something to India or export something from India requires an import export code. It has a permanent validity. There are certain benefits of this code. Though exporters need not necessarily apply for this code, however, they will miss out the otherwise provided benefits. Also, RBI is now making the mention of IEC code mandatory in bank account.This code generally comes in play when you decide to expand your business globally. Code can be obtained on your name(in case of proprietorship) or on your company’s name. To register import export code a proper procedure is followed. This registration is governed by The Foreign Trade Act, 1992.
However, obtaining a code doesn’t permit you to start importing or exporting. A License and other documents are also required. IEC code is just a requirement which provides certain benefits also