What is IEC (Import Export Code)?
Below are the few exceptions where IEC is not mandatory:
- It is not required in case of goods imported or exported for personal use.
- It is not required when the import or export is done by Govt. of India departments and Ministries, or Charitable Institutions.
- The latest circular issued by Government of India states that IEC is not mandatory for traders registered under GST. In such cases, the PAN will be treated as the new IEC code.
When is IEC required?
- When an importer has to clear his shipment from customs then Customs authorities need IEC to clear the shipments.
- When an importer sends money abroad through banks then the bank needs it to make the transfer.
- When an exporter has to send his shipments then IEC is needed by the customs port.
- When an exporter is supposed to receive money in foreign currency, IEC code is required to transfer the money directly to his account.
Documents required for applying for IEC
- PAN Number
- GSTIN Certificate
- Copy of Voter Id/ Aadhar/Passport/ Driving License
- Covering letter on your company’s letterhead
- Bankers Certificate / Cancelled cheque
- Current Bank Account
- Two copies of passport size photographs of the applicant duly attested by the bank of the applicant.
- Two copies of the application in the prescribed format
- A self-addressed envelope with a postal stamp for delivery of IEC certificate by registered post
- Sale deed/ Memorandum of understanding/partnership deed/ depending on the business and type of ownership
How to apply for IEC Online?
3. After entering the details you will receive an OTP on your mobile number and email id for verification
4. After you verify your mobile number and email id, a username and password will be sent to your registered email id. Log in with these credentials.
5. Select ‘Apply IEC’ after logging in
FAQs Related To IEC
1. Is There A Separate Code For Import And Export?
Ans. No, The Same IEC Can Be Used For Import As Well As Export.
2. Are There Any Renewals In IEC?
Ans. IEC registration is a one-time registration and it has a lifetime validity.
3. How Is The Registration Number Allotted For IEC Number?
Ans. Previously, the IEC department would issue a separate number for IEC code.But now PAN of an applicant will be the registration number of IEC. Hence the PAN and IEC number will be the same.
4. Is The IEC Required For Import Or Export Of Goods For Personal Use?
5. Do We Need To Take Different IEC Numbers For Each Firm?
6. Are Government Departments Required To Have IEC?
Ans. The State government or Central government departments are not required to take IEC registration. They are allotted a fixed number which is quoted for any such transactions.
7. Is There A Fee Or Any Charges For Getting An IEC?
Ans. Yes, the application fee for IEC is Rs 500
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