Overview on Import Export Code Registration
Unlike other licenses or code, Import Export Code requires no renewal or filing in the later stages. It is acquired by having a 10-digit unique code that is necessary for every import and export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce. This IEC code is crucial during the stage of custom. The custom authority checks the IEC code on the shipment and then the process is carried on. To some extent, the exporters cannot receive their money from the foreign bank if they do not have a unique IEC code.
This explains that an individual who plans to deal in the Export and Import business would not only miss out on many beneficial schemes by the government but won’t be able to conduct their business without an Import Export Code (IEC). Hence, it is crucial to own an IEC code to run your business smoothly, and acquiring this code can be a hassle if you don’t know how the registration works.