IMPORT EXPORT CODE (IEC)
Why Choose us ?
The Import Export Code (IEC) is a key business identification number which is mandatory for export from and import to India. It is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. The IEC is required for anyone involved in importing or exporting goods and services from India.
Importance of the Import Export Code:
Legal Requirement: IEC is a prerequisite for carrying out international trade. Without it, one cannot legally import or export goods.
Business Growth: Having an IEC allows businesses to expand their reach to global markets.
Customs Clearance: IEC is needed by the customs authorities to clear shipments in and out of India.
Foreign Transfer: Banks require the IEC to send money abroad or receive money from foreign sources for trade transactions.
Applying for the Import Export Code:
Eligibility: Any business or individual planning to engage in international trade is eligible to apply for an IEC.
Application Process:
- Preparation: You need to gather required documents, such as proof of business registration, address proof, PAN card, and bank details along with cancelled cheque of your current account.
- Filing Application: Apply online through the DGFT website. The application must be filed using Form ANF 2A format and should be accompanied by the necessary documents.
- Payment of Fee: There is a nominal fee for processing the application, which must be paid online during the submission of the application.
- Verification and Approval: Once submitted, the application is processed and verified by DGFT. If everything is in order, the IEC is issued electronically as a soft copy to the applicant.
Key Features:
Lifetime Validity: Once issued, the IEC does not require any renewal and is valid for the lifetime of the entity.
No Compliance Burdens: There are no compliance requirements for maintaining the IEC, such as annual filings or renewals.
Amendments: Any changes in information or details like address, name, etc., provided in the IEC can be easily done online through the DGFT portal.
Recent Updates:
As of recent policy updates, IEC is integrated with the PAN (Permanent Account Number), meaning that the IEC number is the same as the PAN of the individual or entity. This change has been implemented to simplify the tracking and management of IECs and to reduce the administrative overhead.
Practical Considerations:
It’s advisable to consult with a trade expert or a customs broker when dealing with international trade regulations, including obtaining and using an IEC. This ensures compliance with all legal requirements and smoothens the process of international trade.
Having an IEC is fundamental for businesses involved in exporting or importing goods in India, acting as a bridge to international markets and a facilitator of global trade .
JACS SHIPPING PRIVATE LIMITED
Jacs Shipping Pvt Ltd comes into existence in 2019 and started the operation from Ahmedabad. Started the service in the field of Import / Export / Custom Clearance, Freight Forwarding and Warehousing. It is an asset based company with own offices, fleet of transportations, equipment and own CHA License.
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