Import & Export Code (IEC) Registration is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. It is required for any business or individual wishing to engage in international trade, either for importing goods into India or exporting goods from India.
The IEC registration allows businesses to legally import and export goods across borders. It is a one-time registration process, and no renewal is required. The application for IEC is submitted online through the DGFT portal, where the applicant provides details such as the business’s name, address, and PAN card, along with bank account information.
Once issued, the IEC code is necessary for clearing shipments through customs, making payments for imports, and receiving payments for exports. It also enables businesses to avail of various government schemes and benefits related to foreign trade. This code is crucial for ensuring compliance with the rules and regulations governing international trade.