Import and export, a leading business in our country, is growing by manifolds every fiscal year. Undergoing the nature of business involving foreign trade, every company associated with import and export of goods and services are mandated to get the Import and Export registration.
Import Export code (IEC) is a 10 Digit identification code that is allotted after the process of registration by the department of Directorate General of Foreign Trade (DGFT), this is a mandatory registration for all the companies involved in Import and Export.
As per the recent changes by DGFT the IEC number can be done with applicant PAN. The applicant PAN number will be the IEC number. That does not mean that if an applicant has PAN you should not apply for IEC number.
Documents required for the IEC Registration for Individual/Partnership/Company:
- Copy of a PAN card
- Passport Size photos
- Copy of Identity proof (Aadhaar/voter ID)
- Authorization Letter (In case of Partnership firm)
- Authority from other directors on letter head(In case of the Company)
- Copy of Partnership deed(In case of Partnership firm)
- Board resolution(In case of Company)
- Telephone bill/ Electricity bill (In case of Individual)
- Cancelled Cheque
- Valid Mobile Number
As per the new update digital signature is not required for the Application of IEC code.
Procedure to Apply IEC:
- Application is made in the Website of DGFT.
- Application Form for IEC is ANF 2A
- Part A, B and D are to be filled and submitted for acquiring an IEC code.
The applicant will get an Auto generated IEC over E-mail or SMS along with a link to download and take a print out of IEC.
Once the IEC number issued then the firm will be eligible for the exporting and importing activities.
Frequently answered questions (FAQ's) :
After the process of submitting the IEC application. The DGFT verify the application and send us the SMS or Mail to your Submitted Mobile number or mail ID within 3-5 working days.
We can check the Status if IEC in the DGFT website that is http://dgftcom.nic.in/iecstatus.html.
Yes, an individual or sole proprietor can get IEC if the business is involved in Imports or Exports. But provided bank account at the time of registration must be a current account.
It is not possible to export the Goods through Indian Post, For Importing and Exporting business it is mandatory to have IEC number.
Irrespective of entity being big or small any one wants to carry on import and export business shall mandatory obtain IEC Registration.
Once you applied for the IEC it takes 3-5 working days for the Applicant to receive mail from DGFT with IEC Number. If there is any rejections or if the application is incomplete DGFT sends an email to the applicant with reasons for rejections or delay within 2-3 days of Application.
IEC is not required for importing some good which is for the personal use and the good is not of second hand. You will have to pay some customs duties applicable while clearing the goods under the general IEC code reserved for personal imports. However if the order is in bulk or it is for a commercial purpose then IEC is mandatory for export/import from India.
The activity of IEC is to give permission for a company to do exporting and importing business. DGFT issue this IEC is issued on PAN bases for Individuals, partnership firms, companies in India.
It is not required to renew the IEC. Once it is issued it can be used for the business throughout the Existence.
Application fee of Rs.500/- in case if Fresh IEC and for modifications Rs.200/- is mandatory.
IEC to make the transaction easy to foreign it is mandatory to give the working current account. This bank certificate proves your eligibility for doing the foreign transfer or remittance.
No it is not possible, IEC Number is suggested to take on the name of the business and DGFT does not collect information from the local commercial Taxes while providing the IEC.
For Selling Online require VAT or GST Registration, IEC is for Exports and Imports of Business Products.
There is a specified Website to apply IEC online that is https://dgft.gov.in/.
IEC Checks regarding the business whether it is an importer or exporter it does not concern with Wholesale or retail.
We can change the mobile Number or E mail Id in existing IEC number. For that we need to submit an Affidavit signed by an authorised signatory so that the login of the account remains secured. Affidavit must contain as Request for change, reason for change and also the details of the old mobile number or old mail id.
If two business are having same PAN card then DGFT provide only one IEC for both the business.
It also depends on the nature of the business, if two business are having Two different registrations then IEC number also will be Different for the both the Businesses. If both of the business are under one registration and that is contained in the company’s MOA that even if the both businesses are different in nature then a company can use one IEC number to run the business.