Import Export License in india

An Import Export License IEC is a legal document that allows individuals or businesses to engage in the import and export of goods and services. It’s issued by the Directorate General of Foreign Trade (DGFT) in India and is a fundamental requirement for anyone looking to participate in international trade.

Import Export Code (IEC) Registration is a process essential for every importer and exporter merchants for carrying on the business of import and export of goods or services. It is a ten digit code issued on PAN basis which is required for carrying Import Export business.

All exporters must mention their IE Code while exporting their goods from India. All importers must mention their IE Code while clearing customs when their goods arrive in India. Also, now RBI requests the entities importing or exporting services to also mention IE Code in foreign remittances in bank accounts. Therefore, IE Code is required for anyone involved in import or export in India.

An export and import license is a government document that authorizes us a permission to conduct a specific export and import transaction. Export and import licenses are issued by the appropriate licensing agency.

Export and Import licenses are considered to be as non-tariff barriers to trade and used as a way to discriminate against another country’s goods so on order to protect a domestic industry from foreign competition.

Advantages of Import Export (IEC) Registration in india

Global Market Access

IEC registration allows businesses to participate in international trade by importing goods and exporting products to countries around the world. It opens up new markets and opportunities

Expansion of Business

IEC facilitates business growth by providing access to a wider customer base. It allows businesses to explore new markets, diversify product offerings, and increase revenue.

Increased Credibility

Having an IEC enhances the credibility of a business in the international market. It signifies that the business is legally recognized and compliant with government regulations, which helps business build a brand

Ease of Customs Clearance

IEC simplifies the customs clearance process. It ensures smoother and quicker processing of shipments at ports and reduces the chances of delays and complications.

Documents require for Import Export Code Registration in india

PAN of the all applicants
Passport-sized photo of the all applicants
Identity proof (it can be from any one of PAN, voter ID, passport, driving license and etc)
Business address proof (taken from rent or lease agreement, sale deed, electricity bill, owner no objection certificate)
Cancelled cheque showing the name of the account holder and the account number of the applicants

Process of applying for Import Export Code Registration in india

STEP 1-Visit to the online portal of DGFT.

STEP 2-Then you will get an online form where you will need to fill up your details and then verify the one time password and then submit the details.

STEP 3-Then, you have to submit details which are related to your business such as establishment date, PAN, account details.

STEP 4-you have to pay the requisite Importer Exporter Code application fee.

STEP 5-Then you are required to upload the digital copies of the prescribes documents which are required.

STEP 6-you will be asked to submit the completed Importer Exporter Code application form. after that, an Ecom Reference Number will be generate.

STEP 7-Print the completed Importer Exporter Code application form

STEP 8-On successful verification of your details, your Importer Exporter Code will be issued within 3 to 5 days to you.

Importer Exporter Code Registration In india FAQ's

Q1: Is an Import Export License the same as an IEC (Importer Exporter Code)?

An Import Export License often includes an IEC, which is a unique code issued by the DGFT for import and export activities.

Q2: Can a person obtain an IE code in india?

An individual who is a proprietor and who is involved in the imports and exports of goods can obtain the IE code in india.

Q3: Can individuals apply for an Import Export License, or is it only for businesses?

Both individuals and businesses can apply for an Import Export License in india, depending on their trade activities.

Q4: Why is it necessary to obtain an IE code?

All the importers and exporters are required to obtain IE code it has to be mentioned while sending the goods in and out. Also, the RBI has requested the importers and the exporters to mention this IE code in foreign remittances in a bank account.

Q5: Is there a fee associated with obtaining an Import Export License?

Yes, there is a fee for processing the Import Export License application, which varies based on the type of license and other factors.

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