{"id":22744,"date":"2020-12-24T12:29:45","date_gmt":"2020-12-24T06:59:45","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=22744"},"modified":"2020-12-24T12:29:46","modified_gmt":"2020-12-24T06:59:46","slug":"what-is-the-business-utilization-of-the-import-export-code-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/what-is-the-business-utilization-of-the-import-export-code-in-india\/","title":{"rendered":"What is the Business Utilization of the Import Export Code in India?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Creating a sustainable business in a competitive environment can leave anyone in a state of uncertainty. While India is gearing up to surpass its opponents in terms of export, it opens endless opportunities for many newcomers to get into international trading. Owing to the augmentation of technology and existing facilities, demands for Indian commodities in the overseas market have been skyrocketed in the past few years.\u00a0The section below would explain the Business utilization of Import Export Code. <\/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\/what-is-the-business-utilization-of-the-import-export-code-in-india\/#Contemporary_Growth_Proposition_for_Entrepreneurs_in_Export_Business\" >Contemporary Growth Proposition for Entrepreneurs in Export Business<\/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\/what-is-the-business-utilization-of-the-import-export-code-in-india\/#How_IEC_Registration_can_Help_Businesses_to_Ensure_Prosperity\" >How IEC Registration can Help Businesses to Ensure Prosperity?<\/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\/what-is-the-business-utilization-of-the-import-export-code-in-india\/#How_Can_Import_Export_Holders_Take_Leverage_From_EXIM_Policies\" >How Can Import Export Holders Take Leverage\nFrom EXIM Policies?&nbsp;<\/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\/what-is-the-business-utilization-of-the-import-export-code-in-india\/#Key_Points_That_You_Must_Remember\" >Key Points That You Must Remember&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\/what-is-the-business-utilization-of-the-import-export-code-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Contemporary_Growth_Proposition_for_Entrepreneurs_in_Export_Business\"><\/span>Contemporary Growth Proposition for Entrepreneurs in Export Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>From automobile parts to processed foods, India is now exporting\neverything and reducing the export deficit at a drastic rate. The Indian\ncommodities have barely encountered a dip in the global demand for the past few\nyears. And this makes the exporting business the most profitable one for every\nentrepreneur seeking to reap substantial revenue. <\/p>\n\n\n\n<p>Every exporting house must possess Import Export Code for shipping commodities outside India in a legal way. Apart from legalizing the shipping process from the ground up, the IEC certification offers innumerable benefits to the exporters that assured long-term growth for their business. In this article, we have listed down unseen dimensions of Business utilization of Import Export Code that actually defines it real character.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_IEC_Registration_can_Help_Businesses_to_Ensure_Prosperity\"><\/span>How IEC Registration can Help Businesses to Ensure Prosperity? <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\/Business-utilization-of-Import-Export-Code.png\" alt=\"Business utilization of Import Export Code\" class=\"wp-image-22745\" width=\"531\" height=\"332\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Business-utilization-of-Import-Export-Code.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Business-utilization-of-Import-Export-Code-300x188.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/Business-utilization-of-Import-Export-Code-768x482.png 768w\" sizes=\"(max-width: 531px) 100vw, 531px\" \/><\/figure><\/div>\n\n\n\n<p>The section below would explain the Business utilization of Import Export Code in an comprehensive manner. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Access to Broader Landscape\nof Market<\/h3>\n\n\n\n<p>The business with IEC code has the opportunity to untapped the\nnew markets in the overseas location. Since the IEC code holds global\nrecognition, it can be utilized to explore the new consumer base outside the\nIndian Territory. All business owners need to find prospects through legitimate\nmarketing strategies and start exporting products at aggressive pricing in\norder to accelerate Business utilization of Import Export Code in the\ncontemporary world.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trade Promotion via\nGovernment Based Expos and Exhibitions&nbsp;<\/h3>\n\n\n\n<p>Currently, every IEC holder in India is eligible to participate\nin expos and exhibitions organized by the authority in association with the\ngovernment. The main purpose of these platforms is to facilitate Business\nutilization of Import Export Code adjudicating the common destination where\nexporters and prospects of other countries can meet in person. This is\nbeneficial for those who are grappling to identify the target consumers for\ntheir business.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Seamless Tracking of\nShipment&nbsp;<\/h3>\n\n\n\n<p>Tracking is something that remains the core functionality of the\nIEC certification. It helps the customs and other agencies to keep track of\nshipment 24&#215;7 until it reaches its final destination. It helps the exporter a\ngreat deal since they don&#8217;t\nhave to wonder about their shipment&#8217;s safety. The import-export code\ngoes into every shipping document such as packing list, Certificate of Origin,\nand bill of lading, thereby ensuring an end to end Business utilization of\nImport Export Code along with the protection of shipping articles.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">No Periodic Maintenance Whatsoever&nbsp;<\/h3>\n\n\n\n<p>IEC Certification does not come with the obligation of renewal,\nunlike other government certifications. It enabled the shipper to remain\nabreast of any unnecessary cost that hinders this code&#8217;s core functionalities.\nIt means it would continue to serve its purpose as long as the business remains\nin existence.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Impart Legitimacy in the\nShipping Process<\/h3>\n\n\n\n<p>Businesses dealing with international trading are under the\nobligation of attaching Import Export code in every shipping document. This\nhelps the shipper keep constant tracking of shipment and let them impart\nlegitimacy in the entire shipping process. Shipment with IEC certification is\nless likely to encounter delays during the customs authorities&#8217; inspection\nprocess.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Quick Disbursement of Payment\nby the importer&#8217;s bank<\/h3>\n\n\n\n<p>Earlier, it was quite hectic for the exporter&#8217;s bank to avail\nthe payment from the importer&#8217;s bank. After the advent of the import-export\ncode, everything has been simplified. The exporting nation bank would require\nthis code for authenticating payment made by the importer against the\nexportable goods or vice versa.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Can_Import_Export_Holders_Take_Leverage_From_EXIM_Policies\"><\/span>How Can Import Export Holders Take Leverage\nFrom EXIM Policies?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IEC certificates serve their purpose in the framework of EXIM\npolicies outlined by the Directorate General of Foreign Trade. The list below\nexplains the objectives of EXIM policy that seems to possess tremendous growth\npotential for the IEC holders across India in order to simplify Business\nutilization of Import Export Code.<\/p>\n\n\n\n<ul><li>To ensure long-term growth in the exporting business set up in India.\u00a0<\/li><li>To triggers rapid fiscal growth by facilitating access to essential raw materials, consumables, components, intermediates, and growth-centric scheme for the augmentation of production and existing facilities.\u00a0 \u00a0<\/li><li>To impart much-needed resilience to technological strength and improve the efficacy of existing industries, henceforth boosting their capabilities while garnering new job opportunities, and to advocate the attainment of globally recognized standards of quality.\u00a0\u00a0<\/li><li>To render top-notch goods to the end-users at competitive rates. Incorporating the concept of Canalization at the bigger landscape to curb the <strong>illegal trading<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Insider_trading\"><strong>[1]<\/strong><\/a><\/sup> of certain goods like gold.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Points_That_You_Must_Remember\"><\/span>Key Points That You Must Remember&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>IEC (import-export code) is primarily a 10 digit code that goes into various shipping documents.\u00a0<\/li><li>It essential to serve as a framework for legally executing shipping activities.<\/li><li>Currently, the application for <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC registration<\/strong><\/a> can be made on DGFT&#8217;s online portal.\u00a0<\/li><li>The fees of IEC registration has been capped at Rs 500.<\/li><li>During the registration process, the applicant is supposed to enter various details regarding their business setup, bank details, and address.\u00a0<\/li><li>Only one import-export code can be issued against the one PAN card.\u00a0<\/li><\/ul>\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>Technically, IEC code is meant for paving down legal grounds for executing activities related to global trading, but its utilization is not confined to this basic functionality only. In a nutshell, IEC certification is a doorway to endless business opportunities that empowers the exporter and importer to ensure long sustainable growth for their business.  Although obtaining an IEC code is a less erratic process, there are times when applicants run into technical issues while doing the same. If you encounter the same scenario, do not be reluctant to help <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> experts. <\/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\/iec-registration-for-exporting-electronic-appliances-from-india\/\">\nHow to get IEC Registration for Exporting Electronic Appliances from India?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creating a sustainable business in a competitive environment can leave anyone in a state of uncertainty. While India is gearing up to surpass its opponents in terms of export, it opens endless opportunities for many newcomers to get into international trading. Owing to the augmentation of technology and existing facilities, demands for Indian commodities in [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":22754,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1355],"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":3516,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/22744"}],"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=22744"}],"version-history":[{"count":20,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/22744\/revisions"}],"predecessor-version":[{"id":22767,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/22744\/revisions\/22767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/22754"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=22744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=22744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=22744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}