Legal

Iec Registration ( Import Export Code) In India

By Vivek Ranjan 27 May, 2024 453
IEC Registration ( Import Export Code) in India

Why do we need import export code?

A ten-digit Import Export Code (IEC) is issued by the Directorate General of Foreign Trade (DGFT) upon application and payment of prescribed fees. The IEC registration serves as a legal consent for entities intending to start an export-import business in India.

Who needs IEC?

In order to obtain IEC registration in India, the Directorate General of Foreign Trade mandates the following steps:

·         An exporter and an importer

·         Institutions involved in exports.

·         An exporter and manufacturer

·         Importing raw materials by production facilities

·         DGFT-authorized importer of goods

·         Those intending to engage in EXIM business.

Please note that IEC is only available to Indian companies who are registered. Before getting started with IEC registration, ensure you have a business certificate in place.

IEC registration documents to be uploaded online:

To apply for IEC registration, applicants need to visit DGFT's portal and fill out the corresponding e-form. In order to file electronically, applicants must upload the following documents:

·         A copy of a business certificate, such as an incorporation certificate or partnership deed.

·         A copy of the managing partner's passport, PAN, voter ID and driving license.

·         Proof of tenancy for the business location.

·         In the case of a partnership firm, a bank certificate or canceled cheque is required.

Procedure For IEC Registration:

1.    Obtain a certified agency's class-2 digital signature: Using the private key of the Certification Authority, a digital signature is conferred. The following details are usually included in a digital signature:

  • An owner's public key
  • Owner's name
  • An Expiration Date That Has Been Assigned To The Public Key
  • Name of the Issuer
  • The serial number
  • Digital signature of the issuer

It is PKI technology, or Public Key Infrastructure, that is used to generate digital signatures.

2.    Submit an application to the DGFT: To apply for IEC registration, applicants can go to the DGFT online portal. 

3.    Prepare and submit the requested documentation in prescribed Format:  

4.    Pay the application fee: Once the application form has been submitted, proceed to the payment section to submit the requested fees.

5.    Inspection of the application and documentation: The concerned authority shall initiate the inspection process to make some legal checks after receiving the IEC registration application.

6.    Attribution of the IEC registration: After the application and documentation have been successfully vetted, the IEC registration will be granted by the authority.

IEC registration validity and cancellation:

Registration with IEC is non-renewable and valid for life. In accordance with recent changes in IEC rules, every year the IEC must be renewed through authentication in the DGFT system. Following are some scenarios that could lead to the cancellation of IEC registration.

  • Prohibited items imported or exported.
  • Falsifying information in shipping documents in order to deceive customs authorities.
  • Non-compliance with customs instructions
  • Violations of foreign trade policy norms