Import-export code is a 10 digits unique ID issued by the Director-General of Foreign Trade, Ministry of Commerce, Government of India to Indian Companies. In simple terms, the IEC code is required by exporters and importers to operate import/export businesses.
Therefore, IEC is a mandatory requirement and no person or entity shall make any import or export without an IEC number. In this article, you will understand the entire process of obtaining an IEC number.
What Is an Import-Export Code?
India has emerged as the trading hub in south-Asia. With globalization and the coming of the free market, there has been immense potential for cross-border trade in India. More and more companies today, in search of cheaper alternatives are looking beyond the border and engaging in the import-export business.
In order to facilitate the import-export business, the government has come up with the concept of an import-export code or IEC, as it is generally known. IEC is allotted to all companies engaged in the business of import and export in order to have a record of all their activities using one 10-digit identification number.
Mandatory documents required for IEC code:
- Current account details
- PAN card
- Bankers Certificate
- Two copies of passport-size photographs
- A self-addressed envelope for delivery of the IEC certificate by registered post
