Description
Import Export Code
Import Export Code (IEC) is a 10-digit code that is required by a business or a person to import/export goods/services which is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
Requirement of IEC by:
- Custom authorities to clear the shipments in the case of any imports.
- Bank to transfer the amount in the case of any imports made.
- Exporter to send shipments
- Exporter yet to receive money in foreign currency and it is transferred directly into his bank account.
Benefits of IEC:
- IEC is a 10-digit number that is a mandatory requirement for trade relations with international traders.
- IE Code has lifetime validity and therefore, requires no renewal.
- Easy to modify and hassle free.
- Exporters can claim refunds of various taxes and Government may even waive off the Import duty levied on goods subject to certain conditions.
- Since the export of good/services help in boosting the economy of our country, various incentives are available to exporters.
- Increased Opportunities to tap foreign markets.
- No filings to the DGFT are required even if import and export transactions take place.
- Proprietors of registered business entity can have an IE Code in their name.
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