What is The Import Export Code registration
The DGFT (Director General of Foreign Trade) issues a 10-digit code called the import-export code. The IEC 10-digit code is valid for a lifetime. It is impossible for an individual to operate an import-export firm without the IEC code. Trade in products and services between India and other nations requires ongoing IEC registration with the Central Board of Excise and Customs (CBEC). The Import Export Code (IEC) will be defined in this article along with the advantages of registering and instructions on how to update your import export code registration in India.
Contents
Import Export Code (IEC), a 10-digit code provided by the DGFT (Director General of Foreign Trade), is a special identification number that is given to importers and exporters in India. This is true because without the IEC code, it is impossible to import or export the goods that businesses require. Without the Import-Export Code, merchants who are primarily importers are unable to import products, and merchants who are primarily exporters are unable to receive benefits from the DGFT for the export plan, etc. without an IEC license. The government has announced the Draft SOP for Import Authorization as a result of the same law being applied to the import of military goods. Import and export of products for military use are governed by import and export licenses.
Also Read – How Can I Tell Whether My Trademark has been Accepted
Every company that deals with the import and export of goods now relies heavily on IEC code. One needs an IEC certificate in order to assist any import- and export-related transaction. If you have an IEC license, commerce can flow more easily.
The most recent change to the IEC certificate has made it possible to properly track commerce involving the import and export of products and services. It tries to stop unethical behaviors that are frequently against the law and carried out in secret.
This modification to the policy will make it easier to properly monitor firms and their effects on the economy. Therefore, obtain your import export license as soon as possible so that you can continue operating your import or export business. If you require any assistance with IEC registration, please contact a legal expert at LegalRaasta.
In the era of fierce competition, quick thinking is a need in all endeavors. Every business aspires to develop and expand, and in order to achieve so, it must take a number of actions. To conduct business outside of one’s own country, a company must obtain approval and submit an application for import-export codes.
The government has resolved to restrict the occurrence of illegal products entering India’s ports again due to the high number of incidents. There has been a push to delete IEC for companies that haven’t updated their IEC details since 2005 in order to stop the import of unlawful items.
Any business that engages in import-export is reliant on IEC. It is a document that certifies one’s authorization to carry out a specific transaction outside of one’s national borders. One won’t be allowed to sell or import raw materials for commercial use without IEC.
The government has detained a few persons for trafficking drugs worth 21,000 Crores as a result of the most recent drug bust at the Adani Port. The substances were shipped as semi-processed talc. The inquiry is ongoing, and it has been decided to suspend those licenses that were not updated before 2005. Its purpose is to stop fraudulent businesses from operating.
Follow these steps to upgrade your IEC registration in India:
A company’s Import Export Code (IEC) is a special code that enables the Customs authorities of various nations to trace the imports and exports of that company. All businesses that trade goods or services internationally are required to abide with the IEC code. An annual update application must be submitted to Indian Customs in order to maintain your IEC registration. If you don’t, there may be fines and delays in customs processing.
Also Read – Common mistakes in filing of GST Registration
Several actions can be taken to amend your registration if your IEC registration certificate has expired. You can submit the renewal application by mail or in person at an IEC authorized agent. You can update your registration by going to an IEC authorized agent, who can do it for you. Both the renewal application and your expired certificate must be brought.
You must mail your expired certificate and the renewal application together with your request for renewal. Your full name, birthdate, business name, address, and phone number must also be included.
Registrations under the Import Export Code (IEC) are essential for conducting business in India. A few tools are available to assist you with IEC registration. A step-by-step tutorial for registering your IEC can be found on the Department of Industrial Policy and Promotion’s official website. A searchable database of IECs that are registered is also available on the internet.
You can get in touch with the Indian Chamber of Commerce and Industry if you require more assistance than what the online tools can provide. In addition to offering additional support services to the IEC’s members, they can offer advice on how to register your IEC.As an alternative, get in touch with Legalraasta right now for a hassle-free IEC update.
The Export Promotion Council of India will only accept up to 10 IEC codes for registration in India. These codes stand for particular export product categories that India wants to promote. Please visit https://www.dgft.gov.in/CP to register an IEC code. To register, you must first get in touch with the Export Promotion Council of India. Once your code has been registered, you can use it to apply for Indian government funding and initiatives for export promotion.
The purpose of import export code registration, its advantages, and how to update your IEC Code are all covered in this article. The goal of suspending IEC registration for specific businesses under specific circumstances is to stop fraudulent import and export methods. It aims to bring clarity to the situation and aid in controlling the country’s import and export. It will make it easier to monitor the development and earnings of the enterprises.
It is crucial that you maintain your IEC registration if you are an importer or exporter in India. Failure to do so may result in a variety of fines and limitations, such as the impossibility of exporting some products and the denial of customs clearance for imports. It’s time to update your code if it hasn’t been modified in at least two years. For more information or if you need assistance registering an IEC code, get in touch with LegalRaasta right away.