IEC stands for Import Export Code. It is a 10-digit unique code assigned to the importers or exporters in India. Directorate General of Foreign Trade grants IEC as per norms of Foreign Trade Policy. Being a mandatory shipping permit, securing IEC is an absolute necessity for those intending to start an EXIM business in India. Any registered firm, company, trust, HUF, and Indian citizen can apply for IEC registration. If you are looking for IEC registration in Kothrud, you have landed on the right page. Read on to discover the legalities around IEC registration and its paperwork.
Why Is It Essential To Secure IEC Registration In Kothrud?
IEC is a fundamental legal permit that helps exporters and importers with;
- Custom Clearance
- Shipment inspection
- Cross-border payment issues
- Availing support from export promotion councils
- Getting RCMC certificate
Note: Exporter or importer must affix the IEC in primary shipping documents such as bill of lading, packing list, and so on.
Documents Required To Apply For IEC Registration in Kothrud
While filing an application for IEC registration in Kothrud, the DGFT portal[1] will prompt the applicant to upload the following documents:
- Permanent Account Number of the firm
- Tenancy proof of the business premises
- Business registration
- Trade license or Shop and Establishment license, whichever is applicable
- Digital Signature certificate of the applicant
- Cancelled cheque from the current bank account
- Applicant photographs
Process to Secure IEC Registration in Kothrud
- Head to the DGFT portal
- Create an account on the portal by clearing the authentication process.
- On the home page, navigate to the “Services” page and tap on the ‘IEC Profile Management’ option.
- Wait till the new window prompts on your screen.
- On the new window, click the option ‘Apply for IEC’
- Tap on the option called “Register.” Filed in the relevant information and tap on the “Send OTP” button.
- Enter the One Time Password and then hit the Register button.
- After the OTP authentication, the portal will send the notification enclosing the temporary passkey, which is alterable.
- After successful registration, log in to the DGFT portal via account credentials.
- Tap on the option called “Apply for IEC.”
- Fill out the prescribed form (ANF 2A), upload the mandatory dossiers, pay the applicable fee, and tap on the Submit button.
- Wait till the portal generates the IEC code and highlight the same on your screen. You can download the certificate’s soft copy from the portal.
Key Facts about the IEC Registration in Kothrud
- Every exporter must affix Import Export Code on the primary shipping documents, or else customs will not approve the shipment.
- The IEC certificate comes with a validity of one year. Its timely renewal is vital to avert stringent late fines.
- Import authorization for restrictive items and IEC are two different things. The Import Export Code is mandatory for securing import authorization.
- Benefits and value-added schemes offered by different Export promotion councils in India are unavailable to unregistered importers and exporters. The availability of the IEC registration is a must for accessing these benefits.
Conclusion
IEC registration in Kothrud legalizes cross-border trade and helps avert the hassle of time-consuming custom inspection. It also helps with the clearance of payment to be credited by the importer of another nation. The lack of IEC registration would restrain exporters or importers from conducting EXIM business in India.
Read Our Article: What Is The IEC Registration Process In India?
