{"id":29241,"date":"2021-04-21T12:50:54","date_gmt":"2021-04-21T07:20:54","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=29241"},"modified":"2021-04-21T12:50:56","modified_gmt":"2021-04-21T07:20:56","slug":"bank-certificate-required-to-obtain-an-iec-number","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/bank-certificate-required-to-obtain-an-iec-number\/","title":{"rendered":"Why is a Bank Certificate Required to obtain an IEC Number?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">With the emerging competition in the market the business dealers need to expand their market scope so as to maintain the status in the market. Hence, sustainable growth can be achieved if the markets start dealing at the international level for which Import and Export Code (IEC) registration is a mandatory condition. Thus, any business entity planning to start a import and export business must obtain this unique ten digit code from the authorised body. Under the Commerce Ministry, Government of India we have Director General of Foreign Trade, which is given the authority to issue the IEC Code to the applicants. This article will focus on why a Bank Certificate is required to get an IEC 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\/bank-certificate-required-to-obtain-an-iec-number\/#What_is_the_Requirement_of_IEC_in_Business\" >What is the Requirement of IEC in 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\/bank-certificate-required-to-obtain-an-iec-number\/#What_is_the_Process_of_getting_an_IEC_Registration\" >What is the Process of getting an IEC Registration?<\/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\/bank-certificate-required-to-obtain-an-iec-number\/#What_are_the_documents_required_for_IEC_Registration\" >What are the documents required for IEC Registration?<\/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\/bank-certificate-required-to-obtain-an-iec-number\/#What_is_the_Requirement_of_Bank_Certificate_in_Getting_IEC_Code\" >What is the Requirement of Bank Certificate in Getting IEC Code?<\/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\/bank-certificate-required-to-obtain-an-iec-number\/#Format_of_Bank_Certificate_for_Issuance_of_IEC\" >Format of Bank Certificate for Issuance of IEC<\/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\/bank-certificate-required-to-obtain-an-iec-number\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Requirement_of_IEC_in_Business\"><\/span>What is the Requirement of IEC in Business?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>The major reason behind the requirement of IEC for business is given below:-<\/strong><\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"1000\" height=\"675\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/04\/Payments-in-Respect-of-Import-and-Export.png\" alt=\"IEC in Business\" class=\"wp-image-29245\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/04\/Payments-in-Respect-of-Import-and-Export.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/04\/Payments-in-Respect-of-Import-and-Export-300x203.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/04\/Payments-in-Respect-of-Import-and-Export-768x518.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Import and\nExport<\/h3>\n\n\n\n<p>The main motive behind getting the <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC license<\/strong><\/a> is to start with import and export goods and services. Obtaining IEC number is a pre-requisite condition for the importer or exporter before starting up with the business of goods and services globally. Thus, IEC license is must for import and export business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Shipment\nClearance<\/h3>\n\n\n\n<p>It is important to show IEC for the clearance of shipment.\nHence, IEC certificate is compulsory to pass through the shipment process which\nis the concluding step for exporting goods.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Custom\nClearance<\/h3>\n\n\n\n<p>Custom Department is the only authority to perform the custom\nclearance. Custom clearance is the authentication check procedure for the\nimported goods where they ask for IEC certificate. Hence, the importers must\nfurnish IEC while importing the goods for successfully passing through the\ncustom clearance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Payments in\nRespect of Import and Export<\/h3>\n\n\n\n<p>The importer and exporter both are obligated to furnish the IEC\ncertificate while making payments and during receiving payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Process_of_getting_an_IEC_Registration\"><\/span>What is the Process of getting an IEC Registration?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The business owners should prepare an application in the prescribed format. The form required for filing IEC Code is known as the Aayaat Niryaat Form Number 2A (ANF2A) and it must be filed to the respective DGFT Regional office.<\/li><li>Next, the applicant must prepare and acquire all the mandatory documents that act as an identity proof, address, contact details, and business registration. These documents are required to be sent together with the Form ANF2A.<\/li><li>The applicant must have the Digital Signature Certificate to file the application to the DGFT, so the applicant must be ready with a digital signature certificate.\u00a0<\/li><li>After applying, the applicant must pay the necessary processing fee for completing the IEC Registration.<\/li><li>Finally, the DGFT Office executives shall verify and review the form and the submitted documents, and once it is approved, the applicant shall receive an IEC Certificate from the government.<\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/what-to-do-if-application-for-iec-is-rejected\/\">What to Do If Application for IEC is Rejected?<\/a><\/mark><\/p>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_documents_required_for_IEC_Registration\"><\/span>What are the documents required for IEC Registration?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The applicant must upload the copies of all the scanned\ndocuments that are required to submit. The file formats that are allowed by the\nDGFT portal are the GIF and PDF and the other format files will not be allowed\nto be uploaded.<\/p>\n\n\n\n<p><em><strong>The IEC Code Registration process mandatorily requires the following documents:<\/strong><\/em><\/p>\n\n\n\n<ul><li>Bank Certificate from the bank<\/li><li>Pre-printed cancelled cheque from the bank<\/li><li>Aadhaar card or the Passport or the Voter ID of the applicant<\/li><li>The Address proof of the business which shall include the Rent Agreement or the Property Registration document or the Electricity Bill for the place of business<\/li><li>Where the address proof is not in the company\u2019s name, the premise&#8217;s owner shall submit his Non-Objection Certificate .<\/li><li>Photographs, Passports and PAN Cards may be uploaded as GIFs while the MoUs, sale deeds, Bank certificates and the registration certificates must necessarily be in the PDF format. In addition, the Aadhaar card, Cancelled Cheque, Driving License, and the Voter ID may be uploaded either in GIF or as a PDF.<\/li><\/ul>\n\n\n\n<p><em><strong>The given below documents are not compulsory for the IEC certificate registration;<\/strong><\/em><\/p>\n\n\n\n<ul><li>Digital Signature Certificate<\/li><li>Copy of PAN Card\u00a0<\/li><li>Photograph<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Requirement_of_Bank_Certificate_in_Getting_IEC_Code\"><\/span>What is the Requirement of Bank Certificate in Getting IEC Code?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While making an application for the registration of IEC code\neither for issue or modification in the IEC number, it is compulsory for the\napplicant to provide a bank certificate and the supporting documents. The\napplicant is required to obtain from its banker a duly signed and sealed bank\ncertificate. The purpose of such bank certificate is that it will automatically\ngive essential information about the applicant and his banking details.<\/p>\n\n\n\n<p>The format of the bank certificate for obtaining the IEC certificate that the DGFT shall issue will be available on the DGFT\u2019s official website. Directorate General of Foreign Trade is an attached office of Ministry of Commerce and Industry under the <strong><em>Government of India<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Government_of_India\"><strong><em>[1]<\/em><\/strong><\/a><\/sup>. DGFT has its headquarters in Delhi and it is responsible for the regulation and promotion of the foreign trade in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Format_of_Bank_Certificate_for_Issuance_of_IEC\"><\/span>Format of Bank Certificate for Issuance of IEC <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>(To be issued on the Bank&#8217;s official letter head)<\/p>\n\n\n\n<p>Ref No. &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<\/p>\n\n\n\n<p>To<\/p>\n\n\n\n<p>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<\/p>\n\n\n\n<p>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<\/p>\n\n\n\n<p>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<\/p>\n\n\n\n<p>(Name and address of the issuing authority)<\/p>\n\n\n\n<p>Sir\/ Madam<\/p>\n\n\n\n<p>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. (Name of the bank or the branch) certify that M\/s&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. (Name and Address of the holder of the account) is\/ are maintaining a Savings Bank Account or Current Account (tick mark on whichever is applicable) No. &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; with us, and since &#8230;&#8230;&#8230;&#8230;..<\/p>\n\n\n\n<p>Affix the\napplicant\u2019s Photograph (passport size)<\/p>\n\n\n\n<p>Note: The photograph as attested and affixed must be that of the account holder.<\/p>\n\n\n\n<p>(Signature of the\nauthority issuing)<\/p>\n\n\n\n<p>(Above the rank\nof Manager)<\/p>\n\n\n\n<p>Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/p>\n\n\n\n<p>Designation \u2026\u2026\u2026<\/p>\n\n\n\n<p>IFS Code of the\nbank issuing:<\/p>\n\n\n\n<p>Date: &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/p>\n\n\n\n<p>Place:\n&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/p>\n\n\n\n<p>(Banks\u2019 Stamp)<\/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>The applicant needs to comply with all the compulsory documents necessary to obtain the IEC certificate. Bank certificate is one such document and the applicant has to submit the same for obtaining the IEC certificate from the DGFT.<\/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\/format-of-iec-application\/\">What is the Format of IEC Application?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the emerging competition in the market the business dealers need to expand their market scope so as to maintain the status in the market. Hence, sustainable growth can be achieved if the markets start dealing at the international level for which Import and Export Code (IEC) registration is a mandatory condition. Thus, any business [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":29244,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1683],"acf":{"service_id":"16"},"authorName":"Kandarp Vanita","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/image_2021_02_01T09_09_44_024Z.png","authorDescription":"Kandarp Vanita has done masters in Corporate and Commercial Law from WB National University of Juridical Sciences. She has 3 yrs of experience in drafting legal documents &amp; dissertations. Being a curious reader, she is also passionately into providing legal backups and comprehensive understandings in every aspect of Law to the firms.","postViews":6396,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29241"}],"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\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=29241"}],"version-history":[{"count":8,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29241\/revisions"}],"predecessor-version":[{"id":29251,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29241\/revisions\/29251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/29244"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=29241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=29241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=29241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}