Import Export Code (IEC) is a 10-digit code issued by the Director-General of Foreign Trade (DGFT) to any person or entity who intends to carry out import/export activities in India. It is a mandatory requirement for any individual or entity involved in the import/export of goods and services to obtain an IEC.
The IEC is a unique code that identifies the entity or person engaged in import/export activities. It is used to track and monitor the flow of goods and services across the international borders and is necessary for customs clearance of goods. An IEC is also required for availing benefits under various government schemes related to imports and exports.
To obtain an IEC, the applicant must submit an application to the DGFT along with the required documents such as PAN card, address proof, bank details, and other relevant documents. The application can be submitted online through the DGFT website, and the fee for obtaining an IEC is nominal.
Once the application is approved, the IEC is issued, and it is valid for the lifetime of the entity or person. The IEC can also be surrendered or cancelled in case the entity or person no longer engages in import/export activities.
In summary, IEC is a necessary document for any individual or entity involved in import/export activities in India. It is a unique code that identifies the entity or person engaged in such activities and is required for customs clearance of goods and availing benefits under various government schemes.