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Import Export Code (IEC) is a unique 10 digit code issued to any person who intends to carry on import-export business in India. This code is issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce. IEC code is must for international trade of goods as well as services as enlisted by the Government. However, IEC is not necessary where one sends or receives goods internationally on a personal/non commercial basis. IEC is required by all importers/exporters for custom clearance of goods and also for foreign remittance of funds. IEC does not need any renewal as such it has life-time validity. No returns are required to be filed in respect of IEC. However, it has now been made compulsory to update IEC online every year.
IEC is a unique 10 digit number allotted by Director General of Foreign Trade. IEC code is required by every business entity who intends to engage themselves into international trade of goods and services from India.
Any person/business entity intending to deal in international trade of goods and services need to apply for IEC.
No, IEC is a mandatory registration for every importer/exporter of goods & services.
Only 1 IEC can be issued against a single PAN. Such single IEC is valid for multiple branches/divisions of the business entity. If more than 1 IEC are wrongly issued, the entity should surrender the duplicate IEC to the jurisdictional Regional Office.
IEC code is a permanent registration which is valid for lifetime. It is valid until the business exists or registration is surrendered/revoked. No returns are to be filed in respect of IEC. But from F.Y.2021-22, it has been made compulsory to update details of IEC online once in every year.
Yes, IEC is PAN based. As such, IEC can be allotted to any individual/HUF/Trust/Partnership/LLP /Company.
No, DGFT has integrated PAN web services of CBDT with its server. Therefore, PAN is not required to be uploaded while making an online application for IEC. However, a copy of PAN is required for our purpose as PAN number is to be filled in the application form.
If an IEC holder does not wish to operate allotted IEC number, he may surrender the same by informing the issuing authority i.e. jurisdictional regional office. On receipt of such intimation, the Issuing Authority shall immediately cancel it and electronically transmit it to DGFT and customs authorities.
IEC is required in the following situations:
Following category of persons are exempted from obtaining an IEC:
However, all PSUs which have obtained a PAN will be required to obtain IEC for any export/import.
RCMC is a “Registration-cum-Membership Certificate” issued by the Export Promotion Council body under the Government of India. Only persons holding IEC may apply for RCMC registration. This certificate is issued for 5 years by Export Promotional Councils or Commodity Board of India relating to that line of business.
RCMC is required for businesses that deal with export of restricted products and those seeking concessions under Foreign Trade Policy.
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