Applicability of Import Export Code Registration
1. Customs authorities demand import export code from importers in order to clear shipments.
2. Banks ask for import export code from importer in order to transfer funds internationally.
3. Exporter need to present import export code to clear his shipments at customs port.
4. Money deposited directly into bank account in the form of foreign currency then its required by the bank.
Documents Required for Import Export Code Registration
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KYC of Director/Partner/Proprietor with photograph & PAN of Firm/Company
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Registered address proof
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Cancelled cheque
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Details of commodities and services in which company deals
FAQ for Import Export Code Registration
Q. Can we obtain more than one Import Export Code ?
No, Only one code can be obtained for a person/entity as IEC is PAN based application. In case more than one code is issued, then the same should be surrendered to the Regional Office for cancellation.
Q. What options are available if code is lost or misplaced ?
In such a case, an affidavit need to be provided so that the issuing authority can issue a duplicate copy of import export code registered in your name.
Q. What is procedure of cancellation of Import Export Code (IEC) ?
Intimating issuing authority about such decision will amount to cancellation of this code. Issuing authority will immediately cancel your IEC number after electronically transmitting it to DGFT for onward transmission to the Customs and Regional Authorities.
Q. Can details of IEC be modified ?
Yes, modification to any details in IEC license is possible. It involves online procedure where application will be resubmitted to the DGFT along with all the required documents and prescribed fees.
Q. Is there any penalty for not having an IE code for exports ?
No, There is no penalty. However, without this code, no exports or imports can take place, as they will not be allowed to clear customs.
