IEC
IEC stands for Importer Exporter Code. It’s a ten-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. This code is mandatory for individuals or businesses engaged in importing or exporting goods and services from India.
Key points about the IEC:
1. Unique Identification: The IEC acts as a unique identification number for businesses involved in international trade.
2. No Requirement for Renewal: Once issued, the IEC is valid for a lifetime and doesn’t require renewal.
3. Mandatory for Imports/Exports: It’s mandatory for any person or entity engaged in import/export activities, except for those exempted by the government.
4. Application Process: To obtain an IEC, applicants must submit the required documents and information online through the portal.
5. Bank Account Requirement: Having an active current account in the name of the business is often a prerequisite for IEC issuance.
6. Use in Transactions: The IEC is used in all import/export transactions and customs clearances.
The IEC facilitates international trade by providing a unique identity to businesses involved in importing and exporting
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