Import Export Code Registration Process & Benefits
The Import Export Code is a business identification number mandatory for exports or imports. The IEC is allotted by the Director General of Foreign Trade. It is a ten-digit business code with lifetime validity. The related provisions to IEC under the foreign trade (development and regulation) act, 1992 and Foreign Trade (Regulations) Rules, 1992 and Foreign Trade Policy. Step 1: Visit the DGFT website. Step 2: Click on the ‘Services tab’ on the website. Step 3: Select the ‘IEC Profile Management’ option from the menu. Step 4: Click on the option for ‘Apply for IEC’ on the website. Step 5: Click on the ‘Register’ option. Enter the information and click on the ‘OTP’ button. Step 6: The successful validation of the OTP received a notification with a temporary password and change after logging into the DGFT website. Step 7: Once registered on the DGFT website, log in using the username and password. Step 8: Click on the ‘Apply for IEC’ option for the DGFT website. Step 9: Fill in the application form Aayat Niryat Form 2A with documents attached with the required fees by clicking the ‘Submit and Generate IEC Certificate’ button. The application was filled with the regional office of DGFT through a DSC. Step 10: The DGFT conducts the verification after the submission of ANF2A and the documents required. The application can be either rejected or approved. The status of IEC code registration can be verified with two options as follows: Step 11: The IEC code is generated and issued a certificate. An online application for e-IEC is approved. The certificate can be downloaded after generating the IEC code. The IEC code was not required to be renewed after the change; the IEC code should be renewed every year. The benefits of IEC code registration are as follows: IEC is applied for distributing the product or services in the global market and for the expansion of the business. The companies can also avail of benefits of import or export from the DGFT by export promotion council, customs, etc. The IEC code is required to be submitted at customs with an entry in the bill of landing. A new service was introduced for exporters which allows submitting the import export code registration fees through the internet without any cash involvement in making the payment. The Reserve bank of India has provided the import-export code for making payments of money outside India. An exporter can receive money in foreign currency in his bank account required by the bank. IEC is not required for the filing of any returns. The requirement is to follow the process for sustaining the validity. The export transactions are for any requirement for filing a return with DGFT. The IEC code is obtained by registering on the DGFT website within a period of 10 to 15 days after submitting the application. The need to provide proof of export or import for getting the IEC code. IEC provides a reduction in the risk of illegal transportation among the countries. It is a better way of administration for cross-border businesses. An Individual or Sole proprietor can also apply for IEC registration. The IEC code has lifetime validity and doesn’t require renewal. The Ministry of Commerce and Industries of India regulates the Directorate General of Foreign Trade (DGFT) for issuing Import export codes for goods and services imported and exported outside India. Connect with onlinexbrl.com and get your Import Export Code Registration Now. The steps for the registration process for IEC are given as follows:
Benefits of Import Export Code Registration
1. Business Expansion
2. Government Schemes are Availed
3. Customs for IEC
4. Electronic Fund Transfer
5. Returns Filing
6. Easy Processing
7. Reduced Risk of Illegal Imports or Exports
8. For Individual or Sole Proprietor
9. Lifetime Validity
Conclusion
Can individuals apply for an IEC code?
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