Import Export Code
Import Export Code
The import export code is an identification number for international trade. It consists of 10 digits. IEC is issued by the Director General of Foreign Trade. Through Import- Export Code, traders can export and import one country to other country without any hindrance. In India, to be able to trade of goods across the border it is necessary for an individual/ company to acquire an individual/ company to acquire an Import-export code. If an import or export trader does not have an import-export code, then they cannot avail the government schemes and if he has an import-export code then he can take advantage of all these schemes.
Import & Export Code is to be obtained by the business entity for import into or export from India. Import & Export Code is popularly known as the IEC number. Import & Export Code is a ten-digit unique number issued by the Directorate General of Foreign Trade (DGFT).
Who can get Import-Export Code
An individual or a company can take Import-Export Code. For importing and exporting, any trader can take IEC from his name or company’s name.
Documents required for import- export code
- PAN card of individual or firm or company.
- Voter ID or Aadhar Card or Passport.
- Electricity bill or copy of rent agreement.
- Cancel cheque of current bank account.
- Passport size photograph of individual.
Benefits of Import-Export Code
- IEC has lifetime validity, so it is not required to renew and does not have to submit its renewal fees.
- Through this code, full schemes issued by the government can be availed such as subsidy offered by the government.
- It prevents illegal transport, through which a trader can import and export continuously without any fear.
- It gives the business an opportunity to do business on a global level.