How to apply for Import Export Code | Document Require for the IE code| IEC | Import Export Code|

Published: 09 September 2017
on channel: Global Solution

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Import and export are the two of the most important components of international trade. Imports are the goods and services brought into one country from another country. Countries are most likely to import goods that are not produced efficiently in the domestic market as efficiently as in the exporting country. Exports are the goods and services produced in one country and purchased by the people of another country. If goods are produced domestically and sold in foreign country, it is an export. So in simple the process of buying and selling of products and services in international markets are defined as import&export. Combined, they make up a country’s trade balance.
You need to apply for the import export license, if you want to import and export anything to and from India. In India IEC (Import and Export Code) is mandatory before dealing in the import and export of goods. As passport is required to travel abroad similarly IEC code is necessary for selling and buying of products outside the home country. IEC is a 10 digit number, granted by the Director General of Foreign Trade (DGFT). India’s import and export policies are governed by Foreign Trade (Development and Regulation) of 1992 and Export and Import Policy (EXIM).
You can also submit an online IEC application at www.dgft.gov.in with the required documents and fee of rupees Rs 250.

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What are the documents required for Import and Export license?
ID proof
Residential proof
PAN card of the business entity
Photo ID: passport size
Authorization letter (in case of partnership)
Copy of partnership deed (in case of partnership)
Bank certificate bearing applicant entity name
Electricity bills
Digital Signature certificate

What are the benefits of import and export license?
The IEC license is necessary for the expansion of any business.
A person beholding import & export license can sell manufactured goods to the clients overseas.
IEC license gives access to government proposals and big corporate orders to your business because with IEC you have legal right to import and export.
IEC is a permanent license which means that it is valid for lifetime. No renewals are required.

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