The Importer Exporter Code (IEC) is an important component for any business that is engaged in the import and export of goods.The IEC is a ten–digit number, issued by the Directorate General of Foreign Trade (DGFT), to all Importers and Exporters in India. This code is required to be mentioned while submitting any documents related to imports and exports.
It is mandatory for all importers and exporters in India to have an IEC number.
The main purpose of the IEC is to regulate the import and export of goods and to ensure that all the necessary documents are in place.
Individual or Firm’s or Company’s copy of PAN Card.
Individual’s Voter ID or Aadhar Card or Passport copy.
Individual’s or Company’s or firm’s cancel cheque copies of current bank accounts.
Copy of Rent Agreement or Electricity bill copy of the premise.
A self-addressed envelope for delivery of IEC certificate by registered post.
1. Easy Tracking of Exports: The IEC code helps in easy tracking of exports from the exporter’s end. This helps in tracking the progress of the shipment and ensuring on–time delivery.
2. Quick Processing of Shipments: The IEC code helps in quick processing of shipments by the customs department.
3. Simplified Payment System: With the IEC code, payments can be easily tracked and processed. This helps in avoiding any delay in the payment process.
4. Increased Visibility: The IEC code helps in increasing the visibility of the exporter in the international market. This helps in gaining more customers, better partnerships and increased sales.
5. Access to Government Schemes and Incentives: Having an IEC code provides access to various government schemes and incentives for exporters. This helps in reducing the overall cost of the export process.
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