How to Get an Import Export License in India?
by Tina Singh Professional Content Writer
The Import Export License is required by a person or a business to import and export goods and services. The Import Export Code or IEC is a 10-digit code that is issued in India by the Director-General of Foreign Trade (DGFT) that comes under the Ministry of Commerce and Industries, GOI (Government of India). The code has lifetime validity and does not need to be renewed. The IEC is important for importers and exporters if they want to clear customs and shipment or send them abroad and send and receive payments from foreign banks.
Documents Required for Import Export License
PAN card of the importer/exporter (company or individual) Government ID of the individual or company (Voter ID/Aadhar/Driving License) Partnership deed or Incorporation certificate Current bank account statement of the individual or company Proof of address of the individual or company A cancelled cheque from the current account of the individual or company
The applicant needs to submit the following document while applying for the Import-Export License:
Process of Import Export Code Registration
The process of applying for the Import Export Code is a bit long and can take up to 60 days in completion:
Preparation of Application: The applicant must file an application in the format prescribed in the Aayaat Niryaat Form 2A to get the code from the Director-General of Foreign Trade (DGFT). The application is to be submitted in the office of DGFT in the area the same as that of the registered office of the company. The applicant can also apply for the Import Export License Online. Processing of Application: The applicant needs to submit all the documents required for the Import Export Code as mentioned above along with the Aayaat Niryaat Form 2A that should also contain the Digital Signature. Fee for Import Export Code: Upon the completion of the application, it should be filed with the DGFT along with the application fee as prescribed by the government. The application is sent back by the IEC department in case of any discrepancy of change that needs to be addressed and replied to within 15 days. Issuing of the Import Export Code: The Director-General of Foreign Trade (DGFT), upon the complete verification of the application, allots the Import Export License/Code both in hard copy and soft copy. Growth in Business: With the IEC at hand the individual or business can conduct business on online marketplaces like Alibaba, Amazon etc. Subsidies in Export: The Government of India offers refunds on various taxes that are applicable to the export of goods. Lifetime Validity: The Import Export License doesn’t need to be renewed time and again and has lifetime validity. No Filing of Return: The IEC is similar to a PAN card and has no requirement for compliance or periodical returns.
Advantages of the Import Export Code
Created on Dec 19th 2019 23:41. Viewed 630 times.