Import Export Code

Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.

This code has many names, like importer exported code, import export code, import export license, import export number, IE code, IE license etc. You can issue this code in either your name or under company’s name. Once issued, it is valid for all its division/units/factories/branches.

When is IEC code required?

• It is needed by the custom authorities to clear the shipments in the case of any imports.
• Also, it is needed by the bank to transfer the amount in the case of any imports made.
• Vis-à-vis if an exporter needs to send the shipments, then it is required.
• Or, if the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.