Overview
Every import/export business owner in India is required to obtain a unique 10-digit code called an Import Export Code (IEC). This code is issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce, and does not require any filing or renewal. The IEC is necessary for traders to clear customs and shipment, and to transfer money to foreign banks. Exporters need their IEC to send shipments and receive payment from foreign banks. Thus, it is mandatory for every importer/exporter to obtain an IEC to conduct business in India.
Benefits
- The IEC enrollment assists brokers with making the ways for adventure into the worldwide market, remembering enlistment for online internet business administrators
- Organizations can profit government plans like the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and commodity advancement
- No consistence prerequisites pos enrollment and thus keeping up with the business is generally straightforward
- The most common way of acquiring IEC isn’t dreary and can be gotten with negligible, essential records.
Types of Code
- Import Export Code: ₹5500/-
- Bar Code: ₹2000/-
- Halal: ₹4999/-