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Import Export Code
The first requirement before you start an import/ export business in India is to obtain an IEC. An IEC is necessary for import/export of goods. In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in ‘specified services’ or ‘specified technologies’, i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns, etc.
IEC is known as many names like Importer Exporter code, Import Export Code, Import Export Licence, Import Licence, Export Licence, Import Export Number, Import Number, Export Number, IEC Code etc.
IEC is a 10 Digit Code and compulsorily required for Import or Export of any goods in and out for India. IEC is mandatory only in case of Commercial Import and Export activity. If you are sending any goods of personal use, IEC is not require. In case of Services also, IEC is only require when selling any service or know how which is restricted by Government of India. In normal Export of services, IEC is not require.
IEC code can be taken in personal name or company name also. Having Bank account is compulsory for getting the IEC Code. IEC code comes under the Foreign Trade Act, 1992.There is no requirement of filling of any return in case of IEC.
Features of Import Export Code
Import Export Code number is the primary proof of a firm as an Exporter/Importer in India. IEC number can be submitted with government authorities as a proof of exporter/importer to obtain various benefits on their exports / imports from DGFT, customs, Export Promotion Council etc.