Before going worldwide, you must adhere to a number of procedures and rules, as well as get several registrations and licences. When importing or exporting from India, an IEC (Import Export Code) licence is one of the requirements. Importer-Exporter Code is another name for it and here is how the IEC Code Renewal is done.
Anyone who wants to start an import/export firm in the country will need an IEC (Import Export Code). The DGFT is the one who issues it (Director General of Foreign Trade). IEC is a 10-digit code that is valid for a lifetime. Generally, importers merchants cannot import products without an Import Export Code, and exporters merchants cannot make use of DGFT incentives such as the export plan, etc., without an IEC.
Documents needed for IEC Code Renewal (Import Export Code).
The following documents are required for IEC Code Registration:
Copy of a person's PAN card, a firm's PAN card, or a company's PAN card (Received along with Company Registration Certificate.
Voter id, Aadhar card, or passport copy of an individual.
Cancel cheque copies of current bank accounts by individuals, companies, or firms.
Copy of the premise or a copy of the rental agreement or a copy of the electric bill
A self-addressed envelope for registered mail delivery of the IEC certificate.
Steps for IEC Code Renewal Step 1
You must first register on the Directorate General of Foreign Trade's website as a new user. You may find it at https://www.dgft.gov.in/CP/. You'll need to provide your email address, phone number, pin code, district, state, and city for this. On the new user creation portal, you'd additionally have to select "Importer/Exporter" from the drop-down menu. You must input the OTP that was sent to the registered mobile number.
You'll need the following documents for registration: proof of the firm's address, incorporation documents, cancelled bank checks, Aadhar data of partners or proprietors, and a digital signature certificate.
Step 2
After completing the registration process, the new information can be used to apply for IEC. To do so, go to the menu bar's "services" option and select "IEC." Select the "Online IEC Application" tab from the drop-down menu.
Step 3
Enter your PAN number, name, date of birth, or incorporation data here, if relevant. You must also input your registered mobile phone number and select "Generate OTP."
Step 4
Enter the following information on the home page: branch information (if your company has many locations), director and partner information, including residential proofs, and email IDS.
Step 5
Upload copies of the above-mentioned documents' evidence, such as a cancelled check or a bank certificate. Please keep in mind that the IEC application system only accepts PDF files up to 5 MB in size.
Step 6
Select "Fee Payment" from the drop-down menu. The required fee payment of $250 can be made using net banking, debit card, or credit card. A DGFT reference number will be generated by the site, which you can use to verify the status of your IEC application.
Step 7
Once the application has been filed and the fee has been paid, you can print it. Select the "Submit and Generate IEC Certificate" option on this page.
Step 8
Return to Step 2 on the "Services" page and select "Modify IEC" from the drop-down menu to change or renew any section of the IEC certificate that has been given.
Step 9
Verify your current IEC number by entering it in the appropriate field and authenticating it using your digital signature certificate. Once linked, go to the portal's "Modify IEC" option and make the appropriate modifications.
How do I apply for IEC "Revoke Suspension"?
The existing IEC certificate that an exporter or importer receives will be suspended by the Director-General of Foreign Trade (DGFT). This could be for a variety of reasons, including:
Foreign exchange regulations are broken.
Customs fraud, excise fraud, or noncompliance with any law
Putting India's trade relations in jeopardy
The DGFT would only do so after receiving notice. They also give the importer or exporter whose licence is about to revoke or suspend a reasonable opportunity to hear.
After attaching his IEC to the portal, the importer/exporter can petition to have his suspension lifted. The request completes signs and is sent via the internet. The request must be authorised by the Regional Office in question (RA). The concerned regional office will initiate the request for revocation of an IEC, which will then be transmitted to DGFT Headquarters for approval.
IEC Registration Benefits
Business Expansion: IEC can help you take your services or products to a global market and expand your business.
Variety of Benefits: On the basis of their IEC registration, the companies could receive many incentives for their imports/exports from the DGFT, Export Promotion Council, Customs, and others.
No filing of returns: The IEC does not need any returns to be filed. There is no necessity to follow any form of a protocol to maintain its validity once it has been assigned. There is no requirement to file any returns with the DGFT for export transactions.
Processing is simple: It's relatively simple to get an IEC code from the DGFT within 10 to 15 days of submitting an application. It is not necessary to submit proof of any export or import in order to obtain an IEC code.
No requirement for renewal: IEC codes are valid for the life of an entity and do not need to be renewed. After obtaining it, an entity might apply it to all export and import transactions.
Frequently Asked Questions
Is IEC a requirement?
Yes. An Importer-Exporter Code (IEC) is a unique business identification number that must use when importing or exporting goods to or from India. Unless specifically exempted, a person or corporation cannot export or import without first obtaining an IEC. However, unless the service provider is receiving incentives under the Foreign Trade Policy, IEC is not mandatory for service exports.
How long does it take to obtain an IEC code?
IEC will generate automatically after the online application files with the payments and papers. The DGFT will send an SMS and e-mail to an applicant informing them of their IEC allotment, along with a link to download and print the e-IEC.
Is it possible for individuals to receive IEC?
Individuals acting as business proprietors can seek IEC registration. Individuals can apply for IEC registration using their own name or the name of their firm.
How do I get a copy of my IEC certificate?
You can print your IEC certificate by following the steps below:
Visit the DGFT's website.
On the homepage, select the 'Services' tab.
From the drop-down menu, choose 'IEC Profile Management.'
A new window will appear. On the page, select the 'Print IEC' option.
After you've double-checked your information, click the 'Print IEC' button.
Is it necessary for me to update my IEC profile on a yearly basis?
Yes. The IEC profile must update at least once a year. The IEC profile will deactivate if it does not update. After a successful update, a deactivated IEC can be reactivated. However, reactivation is subject to the condition that no other action be taken in the event of a violation of any Foreign Trade Policy restrictions.
Is it necessary to have a Digital Signature Certificate (DSC) for IEC Code Renewal?
It is not mandatory to have a Digital Signature Certificate (DSC) to apply for an IEC. Aadhaar authentication can be used to sign the IEC application. DSC was implemented at the IEC to improve the issuance and modification processes.
