- Now a person can get import export code instantly once the documents are successfully submitted, if there is a problem an automated email or sms will be sent to the applicant. Directorate General of Foreign Trade (DGFT) has made the entire process on-line.
- This is expected to be helpful to those who are entering the foreign trade sector. An IEC code is required for foreign trade.
- This major step will improve the ease of I.E. business. Previously it used to take weeks to 6 months to get IEC. The benefits of this include – transaction costs for both exporters and importers will be reduced, godown’s rent where the paper applications were stored will be saved.
- The time taken to process an application gets reduced in the following way- now an Official can verify an application from the website of other govt. agencies where it is readily available. For example to check PAN and DIN details, officials can verify it from the website of I.T. Department and Ministry of Corporate Affairs website respectively.
Apply for on-line IEC code from here.
Related Topic: Only two documents for Import-Export code (IEC)