Import Export Code Registration

All you need to know

All businesses which are engaged in Import and Export of goods compulsorily require Import Export Code / IEC Registration.

What is Import Export Code?

Import Export Code  (in short IEC Code) is a ten digit number with permanent validity granted by Directorate General of Foreign Trade under Ministry  of Commerce and Industry, to any bonafide person/ company for carrying out import/export. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.

When will there be requirement of IE code?

At following instances the IE Code would be required:

• When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.

• When an importer sends money abroad through banks then it’s needed by the bank.

• When an exporter has to send his shipments then it’s needed by the customs port.

• When an exporter receives money in foreign currency directly into his bank account then submission of IEC is required by the bank.