Guide to Import Export Code

Every company in India holds a ten-digit unique code that is issued by the Directorate General of Foreign Trade (DGFT). It is known as the Import Export Code or IEC. It is mandatory for all companies that deal with import and export of products in India. Foreign Trade Development and Regulation Act of 1992 govern all the policies related import and export of products and the companies dealing therewith. It is compulsory for companies to obtain IEC to be in the business.IEC is exempted in two cases that is, popular charitable organizations and Government departments. There is a persisting condition of IEC for technology, as it is required only in special situations, for example if the Government has imposed restriction of a particular trade.

Here is the legal side of the Import Export Code. An IEC code is allotted only once to a single proprietor. A few steps are involved in obtaining IEC. They are:

•    Submit application forms in 2A format as a request for IEC to the regional authority of DGFT.

•    A certain amount has to be paid towards fee, which will be accepted in the form of Demand Draft.

•    Supporting documents that are necessary for submission along with the application are PAN Card, bank certificate, memorandum of association, articles of association, details of bank account, photograph of the applicant, letterhead of the company, type of exporter and so on.

•    Online applications are also available. You can access the website and produce the details required.

•    Processing of application will take around two weeks for completion.