IEC or Import Export Code is a unique identification number alloted to a person doing import or export of goods or services from India to an overseas location. The Director General of Foriegn Trade under the Ministry of Commerce and Industries, Government of India is responsible for the functioning of the process of the Importer Exporter Code in India.
An application with required documents and prescribed fee is to be made to the Director General of Foreign Trade (DGFT) for getting an Import Export Code.
The process for making the application for import export code has now made simple with the introduction of online application receipt website of the DGFT.
Unlike the other business registrations the Import Export Code is a lifetime registration and doesn’t require any updation or filing of annual returns. The registration once granted will remain for a lifelong period for a business unless canceled or revoked.
The non compliance feature of the import export code has made it a simple one time process and investment for the business dealing in the overseas markets without any hassle.
Prima facie an import export code is required by any person engaged in the business of import or export of goods or services from India but there are certain categories of persons which are exempt from the requirement of obtaining the import export code as per Foriegn Trade (exemption from application of rules in certain cases) Order, 1993 and can proceed the process of import or export of goods or services without complying with the provisions of the import export code registration which are as mentioned below:
- Central Government
- Agencies or undertakings for the purpose of defence or for any other specified list as per the above mentioned rules.
- Import or Export of Goods for Personal Use
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