IEC (Importer Exporter Code) is a ten digit number issued by DGFT (Directorate General of Foreign Trade), Ministry of Commerce and Industries, Government of India.
The IEC is imperative for an individual or organisation, which wants to venture into import/export business in India. However, if the export or import is done for personal use and not for business purpose and or by government then the requirement of IEC is not necessary. It is important to obtain IEC before starting with the business of export or import.
The documents required to be submitted before issuing the IEC code include.
- PAN card of the business.
- Passport size photograph of authorised signatory.
- Cancelled cheque of the business.
- Current bank Account details
- Online payment of fees (so a credit card, netbanking facility).
- Digital Signature for signing the application online.
- Other mandatory documents as per the Para 2.9 of Handbook of Procedures of Vol I 2009-14.
There is no tax levied on IEC. IEC can be applied online on the DGFT website at http://dgft.gov.in/. All documents must be scanned and uploaded online. These documents must be in pdf format only except for Photograph, Bank cancelled cheque and PAN card which must be uploaded in gif format.
If all document are in order, the IEC code is issued with in one week time. IEC Code does not have a expiry and there is no need for renewal.