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Import Export Code (IEC) Registration
Understanding the Importer and Exporter Code (IEC)
Hailing from a nation that’s piling doctors and engineers upon one
another in an almost treacherous fashion, the understanding and appreciation of
entrepreneurship is slowly fading away- you just don’t hear youngsters these
days call themselves businessmen. The value of import and export of goods
between countries is attributed not only to the economic well being of the
nations involved but also in playing an important role in forging important
international relations. Here’s to achieving that and bringing about a much
needed boost to the business sector in our country-one step at a time.
WHAT IS IEC
This is a trade enabling code that as the name suggests, facilitates the
international import and export of goods on a commercial basis. This can be
issued to an individual or a company depending on the nature of the business
under the Foreign Trade Act of 1992. It comprises of 10 digits, each IEC being
unique to those it is being issued for and is compulsory for anyone wishing to carrying
out a commercial import or export internationally in India. This applies to
goods as well as services as enlisted by the government. IEC is not a necessary
factor when one sends or receives products on a personal, non commercial basis
or if the transaction is domestic. It is issued to only those who have a bank
account. All of these phrases that are more commonly used are in fact
describing the IEC- the Import Export License, Import License, Export License,
Import Number, Export Number, etc.
VALIDITY OF THE IEC
The IEC is issued on the basis of the Permanent Account Number which is
a unique identification provided to taxpayers to authenticate the process.
Hence the IEC does not need any renewal, can be cancelled when needed and is
applicable to multiple branches of a company. The IEC does not require any
filing or returns.
DUPLICATION AND MODIFICATIONS OF THE IEC
If applied for online (e-IEC), digital copies are constantly available
to be downloaded and printed as necessary on the IEC portal -however, those who
have applied for this physically have to apply again digitally and obtain the
certification again in the electronic format. The modifications on the IEC are
tedious process and that can only be done online. All the required
documentation is submitted again with the changes indicated as required.
