{"id":29684,"date":"2021-05-04T11:26:58","date_gmt":"2021-05-04T05:56:58","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=29684"},"modified":"2021-05-04T11:27:01","modified_gmt":"2021-05-04T05:57:01","slug":"bank-certificate-for-import-export-code","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/bank-certificate-for-import-export-code\/","title":{"rendered":"Bank Certificate for Import Export Code: It is Necessary?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">An Import Export Code\n(aka IEC) is compulsory for all business owners willing to step into export or\nimport business in India. The Director-General of Foreign Trade is an apex\ngovernment institution that grants the IEC to businesses in India.<\/p>\n\n\n\n<p>The IEC is a 10-digit code that comes with lifetime validity and empowers businesses to engage with import-export businesses. The process for availing IEC has confronted many changes in the past few years. One question that most entrepreneurs have is why they said authority seeks a bank certificate for Import Export Code processing. In this write-up, we will cater to this particular query and offer some clarification over the format of the bank certificate for <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>Import Export Code<\/strong><\/a>.\u00a0<\/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-for-import-export-code\/#What_is_the_IEC_Import_Export_Code\" >What is the IEC (Import Export Code)?<\/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-for-import-export-code\/#When_do_Businesses_need_an_Import_Export_Code\" >When do Businesses need an Import Export Code?<\/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-for-import-export-code\/#Bank_Certificate_for_Import_Export_Code_Why_do_you_Need_one\" >Bank Certificate for Import Export Code: Why do you Need\none?&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\/bank-certificate-for-import-export-code\/#Format_of_a_Bank_Certificate_for_Issuance_of_IEC\" >Format of a 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-5\" href=\"https:\/\/corpbiz.io\/learning\/bank-certificate-for-import-export-code\/#Documents_Required_other_than_Bank_Certificate_for_Import_Export_Code\" >Documents Required other than Bank Certificate for Import\nExport Code<\/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-for-import-export-code\/#Online_Procedure_for_Import_Export_Code_Registration\" >Online Procedure for Import Export Code Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/bank-certificate-for-import-export-code\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_IEC_Import_Export_Code\"><\/span>What is the IEC (Import Export Code)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Import Export Code\nis a basic government license required for carrying out export-import business\nin India. DGFT is the sole government authority in our country that issues this\nlicense.<\/p>\n\n\n\n<p>It is a ten-digit code that averts any requirement for recurring renewal, i.e., it stays valid till the business remains operational. The Import Export Code also allows export &amp; import businesses to access multifarious benefits under 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\/bank-certificate-required-to-obtain-an-iec-number\/\">Why is a Bank Certificate Required to obtain an IEC Number? <\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_do_Businesses_need_an_Import_Export_Code\"><\/span>When do Businesses need an Import Export Code?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>Following are the scenarios that mandate the possession of IEC for import and export business:-<\/strong><\/em><\/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\/05\/When-do-Businesses-need-an-Import-Export-Code.png\" alt=\"Businesses need an Import Export Code\" class=\"wp-image-29686\" width=\"530\" height=\"451\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/When-do-Businesses-need-an-Import-Export-Code.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/When-do-Businesses-need-an-Import-Export-Code-300x256.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/When-do-Businesses-need-an-Import-Export-Code-768x655.png 768w\" sizes=\"(max-width: 530px) 100vw, 530px\" \/><\/figure><\/div>\n\n\n\n<ul><li>Importer wants to fulfill customs norms for clearing the shipments from\nthe port.<\/li><li>Importer wants to make payment to a foreign client via banks or financial\ninstitutions<\/li><li>Exporter wants to clear the shipment from the port through customs&nbsp;<\/li><li>Exporter wishes to avail payment from client sitting abroad directly to\nhis\/her account.&nbsp;<\/li><\/ul>\n\n\n\n<p>As per the prevailing government&#8217;s order, the Import Export Code does not apply to valid <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>GST registration<\/strong><\/a> holders. Under such events, these individuals can utilize their respective PAN cards to exporting or importing shipments. <\/p>\n\n\n\n<p>Also, the Import Export Code is not mandated for goods that are shipped with the intention of personal use only. The <em><strong>Government of India<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Government_of_India\"><em><strong>[1]<\/strong><\/em><\/a><\/sup> has exempted notified charitable institutions and departments or ministries from the requirement of availing IEC registration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bank_Certificate_for_Import_Export_Code_Why_do_you_Need_one\"><\/span>Bank Certificate for Import Export Code: Why do you Need\none?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to DGFT, the submission of a Bank certificate is mandatory for those seeking IEC registration in the absence of a canceled cheque. The concerned applicant can click the following link to download the format of bank certificate, viz ANF2(l), for the issuance of IEC registration http:\/\/dgftcom.nic.in\/exim\/2000\/iec_anf\/app4.pdf <\/p>\n\n\n\n<p>Again, if, for some\nreason, the applicant fails to arrange the canceled Cheque for registration\npurposes, they can furnish the bank certificate in the format described above\ninstead.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Format_of_a_Bank_Certificate_for_Issuance_of_IEC\"><\/span>Format of a Bank Certificate for Issuance of IEC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The bank certificate\nformat should be typed on the bank&#8217;s formal letterhead. Also, the inclusion of\nthe Bank manager&#8217;s signature is important in such a certificate as it the only\nway to authorize it. Apart from that, keep the following conditions in mind\nbefore handing over the bank certificate to the respective authority for the registration\npurpose.&nbsp;<\/p>\n\n\n\n<ul><li>The Bank Certificate shall stand invalid if it is typed on paper other than Letter Head of Bank<\/li><li>Any alteration to the existing format or language of the bank certificate will lead to the revocation of the application.\u00a0<\/li><li>The photograph affix on the certificate must be stamped and signed by the applicant.<\/li><li>The inclusion of the IFSC Code of Bank is compulsory in the Bank certificate.\u00a0<\/li><li>The Bank certificate should be made in favor of the Regional DGFT Authority.\u00a0<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_other_than_Bank_Certificate_for_Import_Export_Code\"><\/span>Documents Required other than Bank Certificate for Import\nExport Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The filing for IEC\nregistration has been made completely online by the DGFT. During online\napplication submission, the applicant will be asked to upload the supporting\ndocuments in the standard file formats, i.e., GIF and PDF.&nbsp;<\/p>\n\n\n\n<p><em><strong>Apart from Bank Certificate, the Import Export Code Registration seeks the following documents:-<\/strong><\/em><\/p>\n\n\n\n<ul><li>Addhaar card \/ Passport \/ Voter ID<\/li><li>Firm&#8217;s address proof: Rent Agreement or Property\nRegistration or Electricity Bill for the place of business<\/li><li>NOC from premises&#8217; owner in case of non-availability of\naforesaid address proof.<\/li><\/ul>\n\n\n\n<p>Photographs, Passports,\nand Pan Cards may upload as GIFs. Meanwhile, the MOU, sale deeds, and other\nimportant documents must be uploaded in PDF format. The Driving License, Voter\nID, Addhaar card may upload either as a PDF or a GIF.&nbsp;<\/p>\n\n\n\n<p><strong><em>Other Documents for\nImport Export Code Registration are as follows:-<\/em><\/strong><\/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<div class=\"shadow1\"><strong>Note:<\/strong> The requirement for sending Physical applications to the DGFT Regional Authority has been exempted for applicants if they opt to authorize the application via Digital Certificate. <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_Procedure_for_Import_Export_Code_Registration\"><\/span>Online Procedure for Import Export Code Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Step 1:<\/em><\/strong> Visit &#8211; https:\/\/dgft.gov.in\/CP\/.<\/p>\n\n\n\n<p><strong><em>Step 2:<\/em><\/strong> On the home window, tap on the &#8220;Apply for IEC&#8221;\nbutton<\/p>\n\n\n\n<p><strong><em>Step 3:<\/em><\/strong> Enter the following details aptly:-<\/p>\n\n\n\n<ul><li>Register User<\/li><li>First Name &amp; Last Name<\/li><li>Mobile number and Email ID<\/li><li>District<\/li><li>PIN code<\/li><li>State<\/li><li>City<\/li><\/ul>\n\n\n\n<p><strong><em>Step 4:- <\/em><\/strong>&nbsp;Soon after filing the information above, tap on the\n&#8220;Send OTP.&#8221; The portal will then sent you One Time Password on your\nregistered contact details. After this, go back to the home window, tap on\n&#8220;Apply IEC&#8221; button, and log in to the portal.<\/p>\n\n\n\n<p><strong><em>Step 5:<\/em><\/strong>&nbsp;After login, aptly fill out the IEC registration form.<\/p>\n\n\n\n<p><strong><em>Step 6:<\/em><\/strong> Choose the suitable option from the following :- Director \/\nPartner \/ Karta \/ Proprietor \/ Managing Trustee of the Entity<\/p>\n\n\n\n<p><strong><em>Step 7:<\/em><\/strong> Next, enter the following details<\/p>\n\n\n\n<ul><li>Bank information<\/li><li>Account holder name<\/li><li>Branch name<\/li><li>Account number<\/li><li>IFSC Code<\/li><\/ul>\n\n\n\n<p><strong><em>Step 8:<\/em><\/strong>&nbsp;Upload either Bank Certificate or Cancelled Cheque as\nrequired and tap on the &#8220;Save and Next&#8221; button.<\/p>\n\n\n\n<p><strong><em>Step 9:<\/em><\/strong> Select Preferred sectors of operations followed by\nAcceptance of Undertaking\/Declaration and then tap on &#8220;Save and Next&#8221;\nbutton<\/p>\n\n\n\n<p><strong><em>Step 10:<\/em><\/strong> click on the &#8220;Sign&#8221; button present at the lower\nsection of the page.<\/p>\n\n\n\n<p><strong><em>Step 11:<\/em><\/strong> make the online payment.<\/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>It is evident from the above that the bank certificate for Import Export Code is an absolute compulsion in the non-availability of canceled cheques. If you need any clarification on that, head over to the message box and drop your concern in detail. The professional at <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a> will strive to resolve them with utmost authenticity.<\/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\/procedure-to-check-the-iec-application-status\/\">What is the Complete Procedure to Check the IEC Application Status? <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Import Export Code (aka IEC) is compulsory for all business owners willing to step into export or import business in India. The Director-General of Foreign Trade is an apex government institution that grants the IEC to businesses in India. The IEC is a 10-digit code that comes with lifetime validity and empowers businesses to [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":29687,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1711],"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":6228,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29684"}],"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=29684"}],"version-history":[{"count":8,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29684\/revisions"}],"predecessor-version":[{"id":29695,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29684\/revisions\/29695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/29687"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=29684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=29684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=29684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}