Under import and export Act.
The validity of various types of import licences from the date of issue of licence will be as follows:
IEC Registration
Import Export code (IEC) registration is required by a person who's want to start for Exporting and importing goods.IEC Code is issued by the director general of foreign trade (DGFT).it is 10 digit code. Any of the business which are engaged in Import or Export of goods is require registration Import Export Code. The validity period of the IE Code will be lifetime. Mostly importers merchant can't import any goods without the IEC Code and exporter merchant can't avail the benefits from the DGFT Department for the export scheme etc. The importer has to give in his application, details of all the branches/divisions/factories in India or abroad and also the details of all the directors/partners/proprietor. Only one IEC number is allotted to one legal entity.
Import export code is required 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 it's required by the customs port.
d) When exporters received the money in foreign currency directly in bank them its need by the bank
IEC code is mandatory for every person or entity engaged in import or export business in India. However, some businesses are exempted from IEC registration:
- If import or export of the goods not connected with the trade. They are purely for personal use.
- Ministry of state government or central government are exempted to obtain IEC registration.
- Importing or exporting of the goods with maximum CIF value of Rs.25000 per consignment from Nepal or Myanmar particularly through the Indo-Myanmar border area, is eligible for the IEC registration exemption.
Provided such exemption is not applicable in case of export of certain items including special chemicals, organisms, materials, equipment's and technologies.
EPC Registration
The main role of the EPCs is:
(1) To project India's image abroad as a reliable supplier of quality goods and services.
(2) Encourage and monitor the observance of international standards and specifications by the exporters.
(3) To keep abreast of the trends and opportunities in the international markets for goods and services and assist their members in taking advantage of such opportunities in order to expand and diversify exports.
If the export product is not covered by any EPC, the exporter may register with Federation of Indian Exporters' Organisation (FIEO).
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ID card
Any exporter wishing to collect his documents/licences in person from the licensing authorities can obtain an identity card. Each exporter can obtain three ID cards for his employees. Limited companies can get more. ID card is valid for 3 years.
What do you get? From VK Shakya Associates
DSC
Digital signature for two directors to digitally sign the documents
Certificate of Import-Export Code
ICE registration certificate with ICE number
Acknowledgement
An Acknowledgement slip with payment details
ADVANTAGES & BENEFITS FOR IE CODE
- The Code acts as a primary proof that a firm is an importer or exporter. This helps the firm to gain credibility in the market.
- A proprietor can also obtain an IEC, without registering his business. So, it becomes easy for a sole proprietor who has not registered his business to gain the Code.
- Quoting the Code is compulsory while importing and exporting of goods and services. This helps in recognition of your firm internationally.
- IEC is compulsory for making foreign bank transfers pertaining to trade and business.
- The Code has lifetime validity i.e. it needs no renewal and exists for a lifetime.
IEC Registration Procedure
IEC code registration is a completely online process and can be done by anyone since it does not require any professional signature or attestation. However, IEC Code involves some technical discussion and hence, it is recommended that you should take the help of a professional so you don't end up doing it wrong.
- The application shall be made in the AayaatNiryaat Form 2A (ANF 2A) format and submit to the Regional Authority of the Directorate General of Foreign Trade (DGFT) in the respective region.
- Each page shall be signed by the applicant
- Two copies of above application shall be submitted.
- After submission of an application, the applicant has issued an acknowledgment contains file number.
- On satisfaction of complete application, an IEC is generated. IEC allotment letter is sent through a post in Appendix 2B at the registered office of an application mentioned in the application.
Documents required for import export code
- Documents in respect of Entity
- Copy of PAN Card firm/company
- Copy of property papers OR copy of rent agreement (with NOC from landlord)
- Cancelled cheque of firm
- Copy of GST Return (In case of proprietorship)
- Certificate of incorporation (In case of company)
- Bank statement of firm /company
- Copy of AOA/MOA (In case of company)
- 1 letter head of company (In case of company)
IEC Documents In Respect Of Individual
- Copy of PAN Card
- Passport size photograph
- Copy of Aadhaar Card/ Voter identity card
- Authorization letter (In case of Partnership)
- Authority from other Directors on letter head (In case of company)
- Copy of Partnership deed (In case of Partnership)
- Board Resolution/self-declaration (In case of Company)
- Cancelled cheque of individual
When required IEC code
Import Export Code required in the business of export or import of goods and services in India.
What is IEC?
IEC stands for Import-Export Code. It is a 10 Digit unique code issued by directorate general of foreign trade (DGFT) of commerce and industries ministry of government of India.
What is the validity of IEC Code?
Is DSC required to obtain IEC Registration?
Yes, DSC is mandatory to apply import exports code online.
Are any monthly returns required to be filed under Import Export Code?
IEC is just a license allowing the import and export of goods. Therefore, no return is required to be filed under IEC code.
Is importer-exporter code (IEC) mandatory for import of goods?
IEC is compulsory for imports. However, certain categories of importers are exempted from obtaining IEC.
What are the documents required for issue of duplicate IEC?
IEC will be issued in digital format only. The applicant can take a print out of the digitally signed IEC, as and when required.
Do I need to apply for separate IEC license for other branches?
No, a single Import Export Code is valid throughout the nation. The applicant need not obtain separate IEC Codes for different branch offices in India.
No, a person cannot obtain more than one Import Export Code. Only one IEC is issued against a single PAN number.
How to surrender an IEC Number?
If the applicant of an IEC holder wants to operate the allocated IEC number, the same can be surrendered to the issuing authority. On receipt of such intimation, the issuing authority shall immediately cancel the number and electronically transmit it to DGFT for onward transmission to the Customs and regional Authorities
No Return Filing
IE Code does not require filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code.
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