An Importer-Exporter Code (IEC) is a critical business identifying number that must be used while exporting from or importing into India. Unless specifically exempted, no person may export or import without first obtaining an Importer-Exporter Code.
IEC Certificate is also known as Export License, Import License, IE Code, IEC Code, EXIM License, and EXIM License. As a result of the implementation of GST, the IEC issued is the same as the firm's PAN. The nature of firm that obtains an Importer-Exporter Code may be any of the following: proprietorship, partnership, LLP, limited company, trust, HUF, or society.
When will there be requirement of IE code?
At following instances, the IE Code would be required:
When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
When an importer sends money abroad through banks then it’s needed by the bank.
When an exporter has to send his shipments then it’s needed by the customs port.
When an exporter receives money in foreign currency directly into his bank account then submission of Importer-Exporter Code is required by the bank.
When it comes to obtaining a Certificate of Importer Exporter Code, Egniol Services Pvt Ltd can assist you with the necessary documentation, on-line application filing, and coordination with the appropriate authorities.
