The process of export and import includes many documents, and every paper has a contribution to the process. The first document required is the ‘Import Export Code (IEC). It is a ten-digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. Also known as Importer Exporter Code, companies must obtain IEC to engage in any export and import related activity in India. Post GST, since July 1st, 2017, IEC numbers issued are the same as the PAN numbers.
How to obtain the Import Export Code?
To apply and get the Import Export Code in India, you can follow the following steps:-
You need to get the application form for IEC. It is available online from the DGFT website.
You can make the application in form no. ANF 2A.You need to furnish documents, such as bank account, and PAN to apply for an IEC.
You need to fill up sections A, B, and D of the form and submit for getting the new code.
You need to sign each page of the application form.
You need to provide your passport size photo along with the documents and form.
You have to send an IEC license fee of Rs.250/- (Rupees two hundred fifty only), along with your applications. The money has to be sent through EFT (electronic fund transfer) directly to DGFT.
In case of offline submission, you have to pay through a demand draft for Rs.250/-(Rupees two hundred fifty only) to the Regional Office of DGFT.You also have to provide a self-addressed envelope with Rs.30/- (Rupees thirty only) along with the filled-in application form and other requisite documents.
What documents are required to apply for Import Export Code?
Current Bank Account Details.
Self-attested copy of the PAN (permanent account number ) card.
Banker’s Certificate.
Two copies of the passport size photograph of the applicant that is duly attested by the banker of the applicant.
Covering letter on the letterhead of the applicant’s company to request for the issue of new IEC certification.
Once you get the IEC code, you can engage in exporting and importing businesses. Please stay connected with Ximpex to explore more about international trade and ask our experts for the best strategies to maximize your returns.
Author: Sachin Yadav