IEC stands for "Importer Exporter Code"
The first requirement before you start an import/ export business in India is to obtain an IEC. IE Code is unique 10 digit code issued by Director General of Foreign Trade (DGFT) , Ministry of Commerce, Government of India to Indian Companies.
An IEC is necessary for import/export of goods. IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
Document Required for IEC Registration
Any person who intends to import or export goods and services from or to India must obtain Import export Code .
After submitting all the requisite documents IEC is typically allotted by DGFT in 5-10 days. It is not necessary to show proof of any import or export to obtain IE Code. Now a days, as IEC can we partially applied online with the help of digital signature, IEC can be obtained in less than a week.
IE Code registration is permanent registration which is valid for life time. Hence, there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.
You will not need an IEC code under the following cases :
Person exporting or importing goods for personal use and not for activities related to business.
Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.
Ministries or departments of central government do not require obtaining IEC.
If you or a company wants to modify any details in IEC license, then you can do it online in your IEC application. IEC modification required resubmitting the application with the DGFT once again with all the required documents. Also, IEC modification fee needs to be submitted with the department.