{"id":22275,"date":"2020-12-18T12:45:02","date_gmt":"2020-12-18T07:15:02","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=22275"},"modified":"2020-12-18T12:45:30","modified_gmt":"2020-12-18T07:15:30","slug":"relevance-of-iec-for-oil-export-business","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/","title":{"rendered":"A Complete Overview on Relevance of IEC for Oil Export Business"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Import-Export Code (IEC) is a 10 digit code that allows the\nexporters to transport their goods to overseas locations. It essentially helps\nin clearing the legal complications during the inspection of the shipment by\nthe customs and regulatory authorities. Directorate General of Foreign Trade\n(aka DGFT) is the authority that is responsible for issuing the IEC code to the\nexporter and the importer. <\/p>\n\n\n\n<p>Please note that not all products can be shipped to a\nforeign country.&nbsp;There are certain provision has been underpinned by the\nDGFT in association with Foreign Trade Policy (FTP) related to exportable\ngoods. So, make sure to go through the list of exempted and non-exempted export\ngoods before sending the quotation to your overseas client. In this write-up,\nwe will shed some light on relevance of the IEC for oil export business. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/#Overview_of_Oil_Export_in_India\" >Overview of Oil Export in India&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/#Why_Oil_Export_Business_Adheres_So_Much_Potential\" >Why Oil Export Business Adheres So Much Potential?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/#Feasible_Benefits_that_IEC_Code_offers_to_the_Oil_exporter\" >Feasible\nBenefits that IEC Code offers to the Oil exporter<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/#What_Documents_are_required_apart_from_the_IEC_for_oil_export\" >What Documents are required apart from the\nIEC for oil export?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/#How_to_get_an_IEC_code_to_start_an_Oil_Export_business\" >How to get an IEC code to start an Oil\nExport business?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/relevance-of-iec-for-oil-export-business\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_of_Oil_Export_in_India\"><\/span>Overview of Oil Export in India&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to the Directorate General of Commercial\nIntelligence and Statistics (DGCIS), India is one the leading exporter of crude\noils, essential oils, celery seed oils, and cumin oil to the United States,\nUnited Kingdom, and some gulf countries as well. For more than two decades, the\nexport of essential oils in India has remained consistent with an average\nfigure of 682.59 USD Million.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In 2018-19, India export approx. 8.96 MT of petroleum products to Asian countries in the first 10 months as compared to 10.6 MT exported in 2017. During the said period, petroleum products exported to gulf countries increased to 8.18 MT from 6.72 MT while exports to European countries rose to 5.68 MT from 3.03 MT. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Oil_Export_Business_Adheres_So_Much_Potential\"><\/span>Why Oil Export Business Adheres So Much Potential?  <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Why-Oil-Export-Business-Adheres-So-Much-Potential.png\" alt=\"\" class=\"wp-image-22276\" width=\"524\" height=\"378\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Why-Oil-Export-Business-Adheres-So-Much-Potential.png 960w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Why-Oil-Export-Business-Adheres-So-Much-Potential-300x216.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Why-Oil-Export-Business-Adheres-So-Much-Potential-768x554.png 768w\" sizes=\"(max-width: 524px) 100vw, 524px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Why you Need an IEC for Oil Export Business?<\/h3>\n\n\n\n<p>Every\nfacility working in a field of the export or cross-border business must have an\nIEC code. This code not only legalize the process of shipping goods outside the\nnation but also helps in tackling legal prerequisite associated with this form\nof business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Feasible_Benefits_that_IEC_Code_offers_to_the_Oil_exporter\"><\/span>Feasible\nBenefits that IEC Code offers to the Oil exporter<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>IEC\ncode mitigates the threat of fraudulent transportation\/shipment.&nbsp;<\/li><li>The\nexporter with an IEC code can enjoy reduced shipment time.&nbsp;<\/li><li>IEC\ncode enables the trader to mitigate legal obstacles while fetching a payment\nfrom the importer.&nbsp;<\/li><li>IEC\ncode legally authenticates the shipment process from the ground up.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Documents_are_required_apart_from_the_IEC_for_oil_export\"><\/span>What Documents are required apart from the\nIEC for oil export?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Shipping\nBill \/ Bill of Export.<\/li><li>Customs\nDeclaration Form.<\/li><li>Dispatch\nNote.<\/li><li>Commercial\ninvoice.<\/li><li>Consular\nInvoice.<\/li><li>Customs\nInvoice.<\/li><li>Legalized\n\/ Visaed Invoice.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_get_an_IEC_code_to_start_an_Oil_Export_business\"><\/span>How to get an IEC code to start an Oil\nExport business?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>On 13th July 2020, the Directorate General of Foreign Trade (DGFT) announced the launch of an online platform for applying for an IEC license. Requirements of the Digital Signature Certificate have also been announced by the DGFT to reinforce the procedure related to IEC issuance to avert fraudulent activities.\u00a0The web-based method for <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC Registration<\/strong><\/a> is as follows:\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1: Visit the DGFT portal<\/h3>\n\n\n\n<p>First, reach out for the url-&nbsp;<a href=\"https:\/\/dgft.gov.in\/CP\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/dgft.gov.in\/CP\/<\/a>&nbsp;,\nto get access to the DGFT portal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Select \u201cApply for IEC\u201d option<\/h3>\n\n\n\n<p>On the right section of the home page, click on the \u201cApply\nfor IEC\u201d button to open the DGFT account creation form.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 3: Complete the login formalities or create a new account.<\/h3>\n\n\n\n<p>Upon clicking on the \u201cApply for IEC\u201d button, you will visit\na registration page where you need to incorporate the personal detail. In case\nif you have already registered to the portal, select the login tab on the top and\nenter your account detail.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 4: Complete Verification process post filling the Registration\nForm&nbsp;<\/h3>\n\n\n\n<p>Once you fill-up the requested detail, tap on the \u201cSend OTP\u201d\nto receive an OTP on your contact number and email id. After this, revert back\nto the home page of the portal and tap on the &#8220;Apply IEC&#8221; button to\nlogin into the portal.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 5: Post login, start filling up the form<\/h3>\n\n\n\n<p>As soon as you hit the login button, the portal will provide\nyou access to a web-based form for making an IEC code application.&nbsp;Make\nsure to go through the form in detail rather than filling it up in a hurry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 6: Incorporate the Bank\nInformation<\/h3>\n\n\n\n<p>While filling up the form, you would come across a section\nto fill in the bank detail. Make sure to provide legitimate detail in this\nregard and also upload the scan copy of the canceled cheque. Once done, tap on\nthe \u201cSave and Next\u201d button.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 7: Opt for the\nAcceptance of Undertaking\/Declaration<\/h3>\n\n\n\n<p>Acceptance of Undertaking\/Declaration is an option that you\nwould find in the last section of the application form. You were required to\nselect the option and then hit the Acceptance of Undertaking\/Declaration to\nproceed further in the process.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 8: Select the mode of Application\nSubmission<\/h3>\n\n\n\n<p>In this stage, you can either select Aadhar OTP or DSC\n(Digital Signature Certificate) as a mode of application submission.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 9: Completes the Payment\nRequirement<\/h3>\n\n\n\n<p>Submit the application fee Rs. 500\/- after submitting the form on the portal. After confirming the payment, the portal will land you on the <strong>DGFT<\/strong> website where you can download a hard copy of the IEC license under &#8220;Managing IEC&#8221; Option.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p> This is the complete process for availing IEC for oil export business. Trading of oil to the overseas location seeks a requirement of IEC code and it is mandatory for the individuals interested in setting up an export business. IEC code usually finds its way in shipping documents like Performa Invoice, Commercial invoice, Packing list, Certificate of Origin, and Bill of lading.  <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/how-the-iec-for-startup-could-be-beneficial-in-india\/\">\nHow the IEC for Startup could be Beneficial in India?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Import-Export Code (IEC) is a 10 digit code that allows the exporters to transport their goods to overseas locations. It essentially helps in clearing the legal complications during the inspection of the shipment by the customs and regulatory authorities. Directorate General of Foreign Trade (aka DGFT) is the authority that is responsible for issuing the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":22279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1335],"acf":{"service_id":"16"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":3762,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/22275"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=22275"}],"version-history":[{"count":13,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/22275\/revisions"}],"predecessor-version":[{"id":22290,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/22275\/revisions\/22290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/22279"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=22275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=22275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=22275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}