{"id":23448,"date":"2021-01-04T15:00:24","date_gmt":"2021-01-04T09:30:24","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=23448"},"modified":"2021-01-20T15:51:46","modified_gmt":"2021-01-20T10:21:46","slug":"is-it-possible-to-import-commodities-from-abroad-without-iec","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/is-it-possible-to-import-commodities-from-abroad-without-iec\/","title":{"rendered":"Is it Possible to Import Commodities from Abroad without IEC? Let\u2019s find out!"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Are you about to start a business of foreign trade by importing product from aboard? Are you not aware of the significance of IEC in international shipping? Do you wish to import commodities without <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC registration<\/strong><\/a>? If yes, then you have landed on the right page. This article will answer these questions by shedding some light on penalty provisions under the Foreign Trade Policy.<\/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\/is-it-possible-to-import-commodities-from-abroad-without-iec\/#IEC_is_Mandatory-_Latest_Notification_Made_it_Clear\" >IEC is Mandatory- Latest\nNotification Made it Clear<\/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\/is-it-possible-to-import-commodities-from-abroad-without-iec\/#What_is_the_Import_Export_Code_as_per_the_Foreign_Trade_Policy\" >What is the Import Export\nCode as per the Foreign Trade Policy?&nbsp;<\/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\/is-it-possible-to-import-commodities-from-abroad-without-iec\/#General_Penal_Provisions_to_Curb_Illicit_Importation_of_Commodities\" >General Penal Provisions to\nCurb Illicit Importation of Commodities&nbsp;&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\/is-it-possible-to-import-commodities-from-abroad-without-iec\/#Mandatory_Documentation_Required_for_ExportImport_of_Goods_frominto_India\" >Mandatory Documentation Required for Export\/Import of Goods from\/into India&nbsp; &nbsp; &nbsp; &nbsp; &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\/is-it-possible-to-import-commodities-from-abroad-without-iec\/#Principles_of_Restrictions\" >Principles of Restrictions\u00a0<\/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\/is-it-possible-to-import-commodities-from-abroad-without-iec\/#Conclusion\" >Conclusion&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IEC_is_Mandatory-_Latest_Notification_Made_it_Clear\"><\/span>IEC is Mandatory- Latest\nNotification Made it Clear<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Importation or\nexportation of products is subjected to legal obligations under FTP. As per the\nnotification number: No. 24\/2015-2020, announced on 08\/08\/2020, the Directorate\nGeneral of Foreign Trade has been made clear that IEC is mandatory for all\npersons willing to export or import non-exempted products in India.<\/p>\n\n\n\n<p>To be clear,\ngiven the aforesaid notification, it is impossible to import the non-exempted\ncommodities in India without IEC registration. However, an individual can skip\nthis requirement if the import is proposed to be made for personal uses only.\nOne has to get well-versed in the penal provisions listed under the FTP to\nensure seamless shipment of the commodities in India. One can find the exempted\ncategories and corresponding Import Export Code in Para 2.07 of Handbook of\nProcedures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Import_Export_Code_as_per_the_Foreign_Trade_Policy\"><\/span>What is the Import Export\nCode as per the Foreign Trade Policy?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An Import Export\nCode is a 10 digit alphanumeric code granted to the individual who is\ncompulsory to conduct the activities related to export and import. With a view\nof maintaining the uniqueness of an entity, consequent upon the GST launch, IEC\nwill be treated as an equivalent counterpart of PAN and will be issued\nindependently by the Directorate General of Foreign Trade.&nbsp;<\/p>\n\n\n\n<p>No import or\nexport will be made by any individual without an IEC number unless specifically\nexempted. For the exportation of services, IEC stands mandatory in view of\nprovision listed under the chapter of Foreign Trade Policy. Exempt categories\n&amp; corresponding permanent import Export codes are mentioned in Para 2.07 of\nHandbook of Procedures. The application process of the Import Export Code shall\nbe made online, and it can be generated by the applicant as per the provision\nlisted under the Handbook of Procedure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"General_Penal_Provisions_to_Curb_Illicit_Importation_of_Commodities\"><\/span>General Penal Provisions to\nCurb Illicit Importation of Commodities&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>If the imported items are prohibited for import under the FTP or any other law such as Custom Act, a penalty equivalent to the aggregate value of the goods or Rs 500o shall be levied on the defaulters, which is the greater.<\/li><li>In the case of dutiable goods, the defaulter shall be liable to pay the penalty not greater than the duty sought to be evaded on such commodities or Rs 5000, whichever is the greater.<\/li><li>The faulty declaration regarding importing goods or baggage would attract the penalty equivalent to the difference between the declared value &amp; the value thereof or Rs 5000, whichever is greater.&nbsp;<\/li><li>Any unlawful importation of the Goods listed under the Customs Act of Clause (i) and (iii) would attract the same threshold of penalty as mentioned above.&nbsp;<\/li><\/ul>\n\n\n\n<p>Conflicts are\npretty much on the card if you are not aware of what type of documents goes in\nthe shipping process. Right documentation would perish the major amount of your\nstress and let you avert the conflict with the authorities. The section below\nencloses the list of mandatory documentation required for the importation and\nexportation of commodities.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mandatory_Documentation_Required_for_ExportImport_of_Goods_frominto_India\"><\/span>Mandatory Documentation Required for Export\/Import of Goods from\/into India&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>&nbsp;(a)\nMandatory documents required for exportation of commodities from India&nbsp;<\/em><\/strong><\/p>\n\n\n\n<ul><li>Bill of\nLadingLorry Receipt\/ Airway Bill \/Postal Receipt\/ Railway Receipt\/<\/li><li>Commercial\nInvoices<\/li><li>Packing List<\/li><li>Shipping Bill or\nBill of export.<\/li><\/ul>\n\n\n\n<p><strong><em>&nbsp;(b)\nMandatory documentation required for importation of commodities into\nIndia&nbsp;<\/em><\/strong><\/p>\n\n\n\n<ul><li>Railway Receipt\/\nBill of Lading\/ Postal Receipt\/ Bill of Lading\/ Airway Bill\/in the form of\nCN-22 or CN 23 as the case may be.<\/li><li>Commercial\nInvoice<\/li><li>Packing\nList*&nbsp;<\/li><li>Bill of\nEntry&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Principles_of_Restrictions\"><\/span>Principles of Restrictions\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Directorate General of Foreign Trade (aka DGFT<\/strong><sup><a href=\"https:\/\/www.dgft.gov.in\/CP\/\"><strong>[1]<\/strong><\/a><\/sup><strong>)<\/strong>, through a notification, impose limitations on the import and export necessary for the following agendas. Those are as follows:-<\/p>\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\/2021\/01\/Principles-of-Restrictions.png\" alt=\"Principles of Restrictions \" class=\"wp-image-23449\" width=\"483\" height=\"490\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Principles-of-Restrictions.png 985w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Principles-of-Restrictions-296x300.png 296w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Principles-of-Restrictions-768x780.png 768w\" sizes=\"(max-width: 483px) 100vw, 483px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Import Export\nCode is an essential requirement for importing commodities from overseas\ncountries for commercial purposes. In a nutshell, IEC registration serves\nmultiple purposes apart from legalizing the shipping process. It packs tons of\nbenefits for the importers in terms of government subsidies and growth-oriented\nschemes. On the other hand, it is equally stringent when it comes to penalizing\nillicit trading activities. Therefore, it&#8217;s better if you remain well-versed of\nall the FTP provisions related to unlawful trading. Conducting trade without\nIEC could lead you into trouble.&nbsp;<\/p>\n\n\n\n<p>Connecting with a professional can help you avert intricacies with the shipping process.&nbsp;If you are unwilling to step forward or encounter nuisances regarding the shipping regulations, let <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> expert help you out.&nbsp;&nbsp;We have a vast experienced in dealing with all sort of government-based licenses and registration. We know the optimal ways to getting license with minimum of hassles. <\/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\/guide-to-raise-iec-certification-for-a-partnership-firm\/\">\nStep by Step Guide to Raise IEC Certification for a Partnership Firm\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you about to start a business of foreign trade by importing product from aboard? Are you not aware of the significance of IEC in international shipping? Do you wish to import commodities without IEC registration? If yes, then you have landed on the right page. This article will answer these questions by shedding some [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":23452,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1391],"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":5321,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/23448"}],"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=23448"}],"version-history":[{"count":13,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/23448\/revisions"}],"predecessor-version":[{"id":24595,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/23448\/revisions\/24595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/23452"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=23448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=23448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=23448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}