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IEC – Import Export Code
In an age of global business opportunities and border less business activities, the importance and need of import and export business cannot be ignored. Due to imports and exports, business houses are able to tap international market for their resources and also for their products and services.
In India, the Customs Act, 1975 regulates the import and exports from/to India. Being a specific regulation, the customs act requires each importer and exporter to have an Import-Export Code (IEC) to facilitate the cross border transactions.
What is Import Export Code ?
Import Export Code is a registration number allotted to an applicant in this regard by the Director General of Foreign Trade (DGFT). Every document involving import-export must.
As per the recent notification in this regard issued in Aug 2018, the IECwill the applicant’s PAN and will not be a new number.
The process to apply for registration for IEC has been made easy. However, the registration application requires certain information which is important and if erred, may result into mismatch of data and thus affect the transaction processing as well.
Following information is required to be filed in this regard:
| Name of the organization | |
|---|---|
| PAN card number of the organization | |
| Name on PAN | |
| Date of Incorporation | |
| Partnership/Proprietorship/HUFs/Company/LLP/OPC/Trust/AOP/BOI | |
| Preferred Activity | Manufacturer/Manufacturer exporter/Merchant Exporter/Service Provider |
| CIN | In case of corporates such as Company/LLP/OPC |
| RC No | In case of corporates such as Company/LLP/OPC |
| Bank Account No | |
| Account Holder Name | |
| Bank Name | |
| Bank Branch | |
| IFSC | |
| Contact Details | Detailed address as per bank account/partnership deed/electricity bill/telephone bill |
| Email and Phone | |
| Director/Partner details | Name, PAN, Name of father, Address, mobile and email ID |
- Documents required :
- Cancelled cheque, holding name of the organization.
- Address proof anyone as above (recent).
- Form ANF2A filled and signed with seal.
Changes in Import-Export Code
Information provided can be changed later as well. However, the portal charges a sum for each application of amendment in information given in IEC.
Information provided can be changed later as well. However, the portal charges a sum for each application of amendment in information given in IEC.