Import Export Code (IEC) is required by a person who’s want to start Import export business in India. IEC Code is issued by the Director general of foregin trade(DGFT). its a 10 digit code with a lifetime validity. Mostly importers merchant can’nt import any goods without the IEC Code and exporter merchant can’nt avail the benefits from the DGFT Department for the export scheme etc.
Import Export Code is requried in following situation :
a) When importers have to clear the shipments from the customs then it’s required by the customs.
b) When importers send the money to abroad via banks then it’s required by the banks through SWIFT Code.
c) When exporters have to send the shipments then its required by the customs port.
d) When exporters received the money in foregin currency directly into the bank then its needed by the banks.
IEC Code Registration required following things :
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