- The commerce ministry have reduced the mandatory documents for IEC to two namely Permanent Account Number (PAN) and Bank Certificate. Now onwards to apply for Import Export Code you need to upload only these two documents along with Digital Photograph.
- Before this an applicant of IEC was asked to furnish its complete details, details of the partners, proprietor, directors, managing trustee and signatory applicant.
- Also, the applications for IEC are now accepted on-line only using digital signature.
- A company is required to obtain IEC for foreign trade.This is done to promote Import-Export, improve ease of doing business and reduce transaction costs of exporters.
- It is expected that India’s rank of 133 in terms of foreign trade may improve after this. To improve India’s ranking, mandatory documents required for import and export of goods has already been reduced to three in each case – proprietorship, partnership, private Ltd. India’s rank is 130 in 2016 out of 189 countries, from 134 in 2015.
Complete procedure and on-line application for IEC Code can be easily found at IEC On-line.
Related Article: Import-Export code goes on-line.