Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less.
IE Code registration is permanent registration which is valid for a lifetime. Hence, there will be no hassles for updating, filing and renewal of IE Code registration. It is valid until the business exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirement like annual filing.
As IE code registration is one-time and requires no additional compliance, it is recommended for all companies and LLPs to obtain IE code after incorporation.
An Import Export Code is required for import of any type of goods by a business. However, the following category of persons are exempted from obtaining an IE Code:
Para 2.08 of the Handbook of Procedure contains provisions relating to the application for IE Code. Vide public notice no. 27/2015-2020 dated 8th August 2018, the said para under-went an amended and the provisions of the amended para as applicable with regard to the application for IEC is provided hereunder –
It must be noted that the above documents in support of address proof need to be in the name of the firm, however, in case of a proprietorship, the address proof in favour of an individual (i.e. proprietor) is acceptable (Trade notice No. 39/2018-19 dated 12th December 2018).
The following are the documents required for making an IE Code application in India.
|LLP or Private Limited Company or Section 8 Company||
|Society or Trust||
It is has been clarified vide Trade Notice No. 39/2018-19 dated 12th December 2018 that a cheque without a pre-printed name of the account holder will not be acceptable. Further, the pre-printed cheque can be of savings account or current account. It is to be noted that the above-referred documents need to be uploaded online in digital format-GIF, JPEG and the document size should not exceed 5MB.
Once the online application is submitted, along with appropriate fees and requisite documents, IEC will be auto-generated. Intimation regarding allotment of IEC will be sent to an applicant via SMS and E-mail along with a hyperlink through which the e-IEC can be downloaded and printed. The IE Code certificate will only be provided digitally and can be downloaded from the link provided. An e-IEC holder needs to update his profile immediately after issuance of e-IEC. Further, in case of any change to the details mentioned in the IEC or in any other case, the profile update needs to be done at least once in a year, as per para 2.15 of the Handbook of Procedure, 2015-2020.
Though the import-export code is auto-generated, the Regional Authority would conduct post-verification of the online IEC as per the guidelines. In case there is any wrong/incomplete information being furnished, the applicant would be liable for penal/criminal action and in such case, IEC would be either suspended or cancelled.
Persons having import-export code can apply for and obtain RCMC registration. Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/organisation that are authorised by the Indian Government. The certificate is issued for five years by the Export Promotional Councils or commodity board in India. An exporter desiring to obtain an RCMC has to declare his mainstream business in the application. This application would be submitted to the Export Promotion Council/ Commodity Board relating to that line of business.
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Procedure for submitting IE code application along with the documents required for obtaining IE code. Any business in India that imports or exports goods and/or services would be required to submit an IE code application with the DGFT.
Procedure and documents required for obtaining IE Code. 'Import Export Code', most popularly known as IE Code, is a 10 digit number issued by the Director General of Foreign Trade. 'Import Export Code' is the mandatory requirement for all the persons who are engaged in either importing and/ or exporting goods or services from India.
Exporters are required to file shipping bill for obtaining customs clearance. Recently, vide notification dated 25th March, 2019, the shipping bill format has been amended.
The facility of imports and exports by courier mode is permitted to only those courier companies that are registered under Customs. These courier companies are called 'Authorized Couriers'.
The Foreign Trade Policy (FTP) was introduced by the Government to grow the Indian export of goods and services, generating employment and increasing value addition in the country. The Government, through the implementation of the policy, seeks to develop the manufacturing and service sectors.
Export Inspection Agency is an entity approved and administered by the Export Inspection Council for the purpose of inspecting the commodities that are meant to be exported, as well as to co-ordinate with the council in its various endeavours. List of all export inspection agency in India categorised by state and city.
Open a new or link your existing ICICI bank current account with LEDGERS for seamless bank account reconciliation, account balance check and sending of payments through NEFT / RTGS / IMPS.
Open a new or link your existing DBS bank business account with LEDGERS for seamless bank account reconciliation, account balance check and sending of payments through NEFT / RTGS / IMPS.
Opening a current account for a private limited company is easier when compared to opening of current account for a sole proprietorship firm as a company is a registered legal entity – recognized by law. Therefore, once a company is incorporated, a bank account can be opened in the name of a company with the incorporation certificate of the company and identity/address proof of the Directors.
All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India. Additionally, now RBI requests person importing or exporting services to also mention IE Code in foreign remittances in bank account. Therefore, IE Code is required for anyone involved in import or export in India.
No. IE Code is not a tax registration. So no tax is levied based on IE Code during import or export of goods or services. However, customs duty maybe levied.
Any person who proposes to import or export goods and services from or to India must obtain IE Code.
Yes, individuals acting as Proprietors of a business can obtain IE Code Registration.
To obtain IE Code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a letter from the banker is required.
IE Code Registration can be obtained from the DGFT in 10-15 working days after submission of all required documents and application.
IE Code is not a mandatory registration, only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code; however, import / export will not be possible without an IE Code.
No. Returns need NOT be filed for IE Code.
IE Code is valid for life-time of the entity and renewal is also not necessary.
Last updated: Jan 13, 2021