Detailed Guide to What is Import-Export Code

Every exporter has once gone through what is IEC. IEC or Import Export Code is a licence required for business internationally from India. As the name suggests, this licence is necessary for both import and export businesses in India. It is a 10-digit unique number given to each company for their business. This number is issued by the Directorate General of Foreign Trade, or DGFT, Department of Commerce, Government of India.

As mentioned earlier, this is a unique identification number issued by the Government of India. Any business to conduct any sort of import or export in the Indian Territory requires an Import Export Code. Every company from European to American and African companies needs an IEC licence to import goods and products to India. From huge companies to small local businesses have to own a registered Import Export licence to conduct trade and ship/sell their product in India. This licence is assigned to verify and control the international business in and out of India.

This licence also has benefits of its own. As international business is the concern here, there are a lot of financial problems that can occur. The currency and the exchange rates can cause a lot of difficulties. This licence helps in this process too. The Directorate General of Foreign Trade (DGFT) website handles the process of registration. All the rules, regulations and conditions required to be met before and after the licence are given on the website.

The necessity for IEC comes even when you export service or technology. So, what is IEC for the export of intangible goods? It means that the owner (service or technology provider) needs to have the Import-Export code if the company is trading products under Foreign Trade Policy. There are exceptions for some technologies and services.

There have been slight changes after the introduction and implementation of GST in India. The IEC number is the same as the PAN number of the company or the firm involved in the trading, even though the company has to register itself on the DGFT site and get approved. There are different conditions for the import of a few items. These items include steel and a few restricted products. It is because these products have other monitoring systems or are sensitive to the nations. It is essential to take care of these things while registering a business for international trade.

So, now you know what is IEC and why it is important.

Also read: Your Guide to Applying for IEC via the Internet

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