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Import Export Code (IEC) - Business beyond the Boundaries

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This Power point Presentation contains the complete information regarding step by step procedure needs to be complied while obtaining Import Export Code (IEC). Here the Reader will get the complete information about the Meaning of IEC Certificate, Benefits of IEC Certificate, Online Procedure for obtaining IEC Certificate, Person exempted from obtaining IEC Certificate, and documents required for IEC Certificate.

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Import Export Code (IEC) - Business beyond the Boundaries

  1. 1. IMPORT EXPORT CODE (IEC)
  2. 2. MEANING OF IMPORT EXPORT CODE 1. It’s an alpha-numeric 10 digit number allotted to a person for undertaking any export/import activities. 2. An application is made to DGFT online, who issues Importer Exporter Code in electronic form (e-IEC). Post GST regime, IEC will be PAN of the applicant and will be issued by DGFT based on an online application made by the applicant. For existing IEC holders, necessary changes relating to system migration are being carried out by DGFT so that their PAN becomes their IEC. 3. To avoid multiplicity, only one IEC is issued against one PAN. Any proprietor to whom more than one IECs are allotted, the same is to be surrendered to the issuing authority to avoid penal action.
  3. 3. BENEFITS OF IEC 1. Import and Export Transaction: It is Mandatory to have IEC Certificate before entering into Import & Export Transaction. 2. To avail Government Scheme Benefits: It becomes easy to avail govt. scheme benefits available against import & export of goods. 3. Life Time Validity: Unless cancelled by DGFT, IEC have life time validity. 4. Avoid Illegal trade transactions: All transaction entered through IEC helps to track and keep record of bonafide transaction and avoid illegal transactions. 5. No return to filled: No burden of filling of quarterly/half yearly/annual returns. 6. No separate registration: No separate registration is required for additional places of business. Through modification, additional business activity or additional branches/division/factories etc. Can be added.
  4. 4. WHO CAN APPLY 1. Any bonafide person (whether resident or not) desirous to enter into import/export transaction shall apply for IEC. 2. In case of NRI, additional permission from RBI/ individual department in consultation with DIPP (Department of Industrial Policy and Promotion) is required in some cases.
  5. 5. EXEMPTIONS FOR IEC 1. IEC is compulsory for Import/Export of goods and services. However, there are certain exemption, wherein the person doesn’t require to have IEC : a. Importers and exporters covered by clause 3(1) of Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993. b. Import/ Export by Departments/Ministries of Central/State Government c. Import and export of goods for personal use d. Import/Export of goods from/to Nepal, Myanmar through Indo-Myanmar Border and China, provided the value of one single consignment on CIF basis does not exceed Rs. 25,000/- 2. Further, exemption from obtaining IEC shall not be applicable to categories as listed in Appendix - 3, Schedule 2 of ITC (HS) except in case of exports by category (ii) above.
  6. 6. ONLINE APPLICATION PROCEDURE Login to online IEC Portal using Pan, Mobile no. and Email ID Fill required details & make online payment Upload required documents and submit the application On approval, the same can be downloaded by Login or shall be mailed at registered email id
  7. 7. DOCUMENTS REQUIRED 1. For new registration, all types of entity are aligned in the same line and need the following details/ documents: a. PAN of the applicant b. E-mail ID: A valid email ID of the applicant entity is required wherein OTP will be sent. c. Mobile No: A valid Mobile number of the applicant entity is required wherein OTP will be sent. d. Registration fees of Rs. 500/- (Rupees Five Hundred only) and
  8. 8. DOCUMENTS REQUIRED Type of Application Doc- uments Required Proprietor Firm LLP Company Society Trust Digital Photo [3cm×3cm] (in GIF) Proprietor Managing Partner Designated Partner Managing Director/ Director Secretary/ Managing Director Managing Trustee Scan Original PAN Card (in GIF) Proprietor Firm LLP Company Society Trust Original Scan copy of Cancelled cheque with pre printed Entity name & A/C No. (in GIF) OR Bank Certificate as per ANF 2A (I) (in PDF)
  9. 9. DOCUMENTS REQUIRED In case of modification, along with above 3 documents, the following documents are also required: 1. Scanned copy of duly signed application form 2. Modification fees of Rs. 200/- (Rupees Two Hundred only) and Type of Modification Documents required Change in address/ Addition of Branch (pdf file) Any of the following:  Latest Electricity bill bearing entity name and address.  Latest Telephone bill bearing entity name and address.  Rental/ Lease agreement bearing entity name and address.  Sale deed (if self owned Premises) bearing entity name and  Address
  10. 10. DOCUMENTS REQUIRED Type of Modification Documents required Change in Stakeholders (pdf file)  In case of Partners, Partnership deed.  In case of Trustees, Trust deed.  In case of Directors, DIN and name should match with MCA website  In case of Board Members, Bye-Law and election results Change in Jurisdiction (pdf file)  Registration certificate, for Partnership Firm, Society or Trust  Certificate of incorporation, for Company/ LLP Change in Signatory  Driving Licence (gif/ pdf file)  Aadhar card (gif/ pdf file)  Voter ID card (gif/ pdf file)  Applicant’s Passport (gif file)  PAN of the signatory (gif file) Other documents (pdf file)  Memorandum and Articles of Association of the Company  Other document
  11. 11. CONTACT US For information regarding registration of Import Export Code Cer tificate, anyone can mail us on: Email: complianceship@gmail.com

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