Category: Import Export Code

What Is An IEC Certificate?

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Everyone wants to expand their business beyond the domestic market during this age of fierce competition. Doing business internationally, on the opposite hand, isn’t for everybody. Before going worldwide, you want to adhere to a variety of procedures and rules, similar to getting several registrations and licenses. When importing or exporting from India, an IEC (Import Export Code) license is every one of the necessities. Importer-Exporter Code is another name for it.

Anyone who wants to start out an import/export firm within the country will need an IEC (Import Export Code). The DGFT is the issue (Director General of Foreign Trade). IEC may be a 10-digit code that’s valid for a lifetime. Generally, importers merchants cannot import products without an Import Export Code, and exporters merchants cannot make use of DGFT incentives like the export plan, etc., without an IEC.

When IEC Certificate Is Required?

• • The customs officials require it when an importer must clear his shipments via customs.

• • When an importer uses a bank to send money abroad, the bank requires it.

• • The customs port requires it when an exporter has to send his shipments.

• • Individuals, corporations, and firms can cancel cheque copies of existing bank accounts.

Steps Involved in IEC Certificate Registration 

• • Visit the DGFT website for further information. 

• • On the homepage, select the ‘Services’ tab.

• • From the drop-down menu, choose ‘IEC Profile Management.’ A new window will appear.

• • On the page, select the ‘Apply for IEC’ option.

• • Select ‘Register’ from the drop-down menu. Fill in the relevant information and click the ‘Send OTP’ button.

• • Click the ‘Register’ button after entering the OTP.

• • You will receive a notice containing the temporary password after successfully validating the OTP, which you can alter after logging into the DGFT website.

• • After completing the registration process on the DGFT website, log in using your username and password.

• • On the DGFT website, select the ‘Apply for IEC’ option.

• • Fill out the application form (ANF 2A format), upload the necessary papers, pay the fees, and then click the ‘Submit and Generate IEC Certificate’ button.

• • The DGFT will be in charge of generating the IEC code. Once the IEC code has been generated, you can print your certificate.

Documents needed to register for an IEC Certificate (Import Export Code) 

The following documents are required for IEC Code Registration:

• • A copy of somebody’s PAN card, a firm’s PAN card, or a company’s PAN card

• • Voter id, Aadhar card, or passport copy of a personal.

• • Cancel cheque copies of current bank accounts by individuals, companies, or firms.

• • Copy of the premise or a duplicate of the rental agreement or a replica of the electrical bill

Benefits Of IEC Registration

Business Expansion: IEC can facilitate you’re taking your services or products to a world market and expand your business.

Taking Advantage of a range of benefits: On the idea of their IEC registration, the businesses could receive many incentives for imports/exports from the DGFT, Export Promotion Council, Customs, and others.

There will be no filing of returns: The IEC doesn’t need returns to be filed. there’s no necessity to follow any type of protocol to keep up its validity once it’s been assigned. there’s no requirement to file any returns with the DGFT for export transactions.

Processing is easy: It’s relatively simple to urge an IEC code from the DGFT within 10 to fifteen days of submitting an application. it’s not necessary to submit proof of any export or import so as to get an IEC code.

There is no requirement for renewal: IEC codes are valid for the lifetime of an entity and don’t have to be renewed. After obtaining it, an entity might apply it to all or any export and import transactions.

Cases Within Which The Import-Export Code (IEC) Isn’t Required

According to the government’s most up-to-date circular, IEC isn’t required for all GST-registered traders. altogether of those circumstances, the trader’s PAN is going to be interpreted as a replacement IEC code for import and export purposes. If the products being exported or imported are for private use and not for commercial purposes, an Import Export Code (IEC) isn’t required. Notified Charitable Institutions don’t require an Import Export Code for export/import done by Government of India Departments and Ministries.

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List Of Documents Required For Import/Export Business In India

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The Indian government has made a step forward in improving ‘Ease of Doing Business by reducing the number of mandatory paperwork required for goods import export to three.

Before we get into depth regarding the documents, it’s crucial to note that the documentation required for import/export clearance for all product are not the same. However, it is highly likely that the basic paperwork required for import customs permission in importing nations will be inspected. This page will give you a general overview of import/export customs clearance documentation.

A total amount of documents for the import/export customs liberty approach cannot be offered because different types of products are imported from different countries. Furthermore, many countries have their own policies, resulting in a variety of techniques and customs for approving imports. Every item for import and every fare is ordered using an ITC number, which is a globally recognized code number. The legislatures of various countries may have mutual import/export agreements. Imports and exports from these countries may be subject to paperwork exclusions for import and export clearance.

There are 3 legal documents required to complete import customs procedures.

1: Bill Of Entry

One of the most important import documents for customs clearance is the Bill of Entry. As previously stated, the Bill of Entry is a legal document that must be correctly marked by a CHA (Customs House Agent) or an Importer. The Reserve Bank and Customs office handle the ‘total outward settlement of the nation,’ and the Bill of

Entry is one of the markers. Within thirty days following the influx of merchandise at a customs office, a bill of entry must be documented.

The concerned customs officers complete the examination and assessment of products after filling out the Bill of Entry and obtaining the necessary import customs documents. A ‘pass out the order’ is provided under the Bill of Entry when the import customs paperwork is completed. The imported product can be transported out of customs when a shipper or his approved customs house operator receives a ‘pass out the order’ from concerned officials. The articles can be taken from customs jurisdiction to the shipper’s location after paying basic import charges, if any, to the transporter Documents required for import customs approval of merchandise and custody of freight.

2: Commercial Invoice

In any commercial transaction, the invoice is the most crucial document. One of the documents necessary for import customs clearance is the receipt, which is subject to value examination by concerned customs officers. The terms of merchandise conveyance indicated in the business receipt supplied by the shipper at the customs area are used to calculate the computed value. The concerned evaluating authority verifies that the amount cited in the business receipt corresponds to the true market value of the identical item. This customs assessment approach prevents shippers and exporters from making false claims by over-invoicing or under-invoicing. As a result, the invoice plays a significant role in determining the value of an item during customs clearance.

3: Bill Of Lading / Airway Bill

A Bill of Lading or Airway Bill is one of the most important documents required for import customs clearance.

The Bill of Lading in the case of a marine shipment or the Airway Bill in the case of an aviation shipment is a transporter’s document that must be submitted to customs for approval. A Bill of Lading, also known as an Airway Bill, is a document that contains information about the freight as well as the terms of transportation.

Other than the above 3 compulsory documents below are a few common documents to be submitted

Import License

Import permits may be required as one of the documentation for import customs leeway tactics and rules and regulations under explicit items, as mentioned previously. According to government requirements, this permit may be necessary for bringing in specific items. The government may have managed the import of such explicit things from time to time. In this vein, the government requires an import permit as one of the paperwork required for customs clearance to bring certain products in from abroad.

Insurance

Import customs clearing procedures require an insurance certificate. It is, nonetheless, a supporting document for the shipper’s presentation on the conveyance arrangements. In the case of an import consignment, an insurance certificate urges customs specialists to confirm whether the selling price includes protection or not. This is necessary in order to determine an assessable quantity that determines the import duty amount.

A purchase order contains almost all of the terms and conditions of the sale agreement, giving the customs authority the authority to confirm the value evaluation. If the import relegation is based on a letter of credit, the shipper can provide a copy of the letter of credit together with the paperwork for approval.

Industrial License

Importing specific items may necessitate a copy of an industrial license. If the importer ensures any import advantage under government rules, an Industrial License might be obtained to profit from the benefit. In this scenario, a duplicate of the industrial permit can be presented to customs as one of the import clearance documents.

RCMC Or Registration Cum Membership Certificate

One of the conditions for import clearance is the production of RCMC with customs professionals in order to benefit from import duty exemption from government agencies under specific merchandise. Indeed, the merchant must present a Registration Cum Membership Certificate along with the import customs permission documents in such circumstances.

GATT/DGFT Declaration

According to the govt. guidelines of India, each merchant must record GATT and DGFT statements alongside other import customs clearance reports with customs. Moreover, the GATT presentation must be recorded by the Importer per the conditions of the overall Agreement on Tariff and Trade.

Other than the above-mentioned documents, the importer/exporter must file other documents if necessary as per the govt. guidelines or customs department under the import of limited supplies.

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How Many Days Does It Take to Get an Export License in India?

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The Ministry of Commerce issued a notice on August 31. 2020 on the procedures and standards for exporters to apply for export licenses for the supply of N95/FFP2 masks. Accordingly, online applications submitted by the exporters from 7 to 9 September will be considered subject to export license approval by the Directorate General of Foreign Trade (DGFT).

To start a business in India, you must meet a number of requirements. This can range from obtaining permits from the government to raising funds and obtaining the necessary licenses to operate. In this blog, we will share some facts about export licensing in India.

If you want to start an import/export business in India, you must first obtain an import/export permit from the government. Registration plays an important role in ensuring this.

When you receive an approved license, you will receive an import/export code, a 10-digit code. The Directorate General of Foreign Trade (DGFT) issues this code. DGFT belongs to the Ministry of Trade and Industry. You need this license to do a smooth import and export business in India.

Steps to obtain an import/export license  

The following steps guide you through the entire process of getting your import-export code

1. One of the first things to consider is that you need to choose the product you want to export. You will receive an IEC for the product category you applied for.

2. The next thing you need to decide on is your company name. The company name must end in Export.

3. You must register your company even if you haven’t already.

4. You can apply for IEC online and the fee You have to pay is Rs. 250.

5. Next, you need to register with EDC. You must register your company at the nearest airport or port.

IEC Online Application

·  Gather all necessary documents and obtain a digital copy before starting the online application process.

·  Log on to the official portal and submit the form for registering your firm.

· To begin this, Requires PAN to get started. After entering the PAN, you will be guided to create a new IEC application or open an existing one.

· Once you have entered the IEC Master Document, you need to fill other details like location, PAN details, bank account, date of establishment of the firm, and other details. Once you have filled in all the details, you will be directed to make the payment. Here you will have to pay a fee of Rs 250. This payment is made online from designated banks. After entering the IEC main document, you will need to enter other details such as location, PAN details, bank account, establishment date, and other details. After entering all the details, you will be prompted to pay. Here you have to pay a fee of Rs 250. This payment is made online at certain banks.

· After paying the fee, all documents related to the IEC application must be uploaded.

· After you have successfully uploaded your documents and filled out the form, you can print the completed IEC form and send it to the DGFT office indicating your location. Once submission of the document, you will get a screen in which you will have your Ecom Ref. as well as the name of your company and the DGFT office where your request is sent for processing.

· Follow these few steps to easily complete your IEC online application and get your IEC code

· The entire process takes 3 days to 1 week.

Documentation for IEC Application

As mentioned above, certain documents are required to successfully process IEC forms. We have compiled a list of these documents, but you should be aware that they may vary depending on your type of company.

Proprietorship

·  A 3*3 picture is required.

·  Identification, such as voter ID, driving license, passport, or Aadhaar card.

·  Proof of address, such as utility bills.

·   You can provide a bank statement or cancellation check showing the applicant’s name and account number.

Partnership

·  Requires management partner’s photo 3*3

·  partnership firm Pan card

·  ID such as Aadhaar card, passport, or driving license

·  Proof of address, a sales contract is required if you own the property, or a lease agreement with utility bills if you are renting.

·  You can provide a bank statement or cancellation check showing the applicant’s name and account number

LLP and Company (both public and Pvt ltd)

·  You need the director’s photo 3*3.

·   PAN card of the applicant LLP firm.

·   Certificate of incorporation.

·   ID proof like Aadhaar card, passport, driving license id such as Aadhaar card, passport, and driving license.

·  Proof of address, a sales contract is required if you own the property, or a lease agreement with utility bills if you are renting.

·  You can provide a bank statement or cancellation check showing the applicant’s name and account number. 

With these basic steps and documentation, you will receive your export permit in 3 days to 1 week.

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Do You Need To Renew IEC?

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Renew IEC : The DGFT has issued the trade notice for linking or registration of Importer Exporter Codes (IECs) in the newly revamped DGFT Online environment. Authorities said online processes related to the entire lifecycle of Advance Authorization, EPCG, and DFIA including Paperless Export Compliance (EODC), will be available soon

In an increasingly digitized world, the scope for import and export of goods and services has multiplied. Whether you are a partner or a company, you have the opportunity to make money by selling your core products abroad. It may also be advantageous to source product parts from other countries to make them cheaper. This makes the Import Export Code an important document for all international commercial exchanges of goods. In this post, we address whether you need to renew the IEC code.

Renew IEC– Does the importer-exporter code expire?

The import/export code is a 10-digit number issued by the Director of the Foreign Trade Bureau of the Ministry of Commerce. IEC applications are once submitted and approved for life. Therefore, unlike most licenses, IEC numbers do not expire and do not need to be renewed.

Updating an existing IEC number – How do I modify an IEC certificate?

Often, the phone number or email ID associated with existing account changes. You can also edit the company name and change it to something different from what is in the IEC certificate. The company name may be completely changed from the name originally registered with the company registrar. In all these cases, you will need to apply for a change to the existing IEC certificate.

Existing IEC registration and update process:

Step 1

New users must register on the website of the General Directorate of Foreign Trade. It can be accessed at https://www.icegate.gov.in/. To do this, you will need to enter your email address, mobile number, pin code, region, state, and city. You will also need to select “Importer/Exporter” from the drop-down menu in the new user portal. You must enter the OTP received with the registered mobile phone number.

Registration requires proof of business address, articles of association, canceled bank check, Aadhar details of partner or owner, and digitally signed certificate.

Step 2

Upon successful registration, you can submit your new details to the IEC. To do this, click the “Services” tab in the menu bar and select “IEC”. Here, select the “IEC Online Application” tab.

Step 3

Enter your PAN number, name, date of birth or registration information (if applicable) here. You will also need to enter your registered mobile phone number and click “Create one-time password”.

Step 4

On the landing page, enter your branch details (if your business has multiple branches), director and partner details with proof of residency, and your IDS email address.

Step 5

Upload a document confirming reimbursement of a check or bank statement. The IEC application system only accepts the PDF format with files up to 5 MB.

Step 6

Click on Pay Commission Portal. You can pay the required fee of £250 via internet banking, debit, or credit card. The portal also generates a DGFT reference number to use to check the IEC support status.

Step 7

After paying the participation fee and submitting the application form, you can print the application form.

Step 8

To change or renew any part of the IEC certificate granted, return to step 2 of the Services tab and select Change IEC from the drop-down menu.

Step 9

Enter your existing IEC number in the field provided to verify and authenticate using a digitally signed certificate. Once bound, you can select the IEC Edit tab in the portal and make any necessary changes.

How to apply for an IEC “Revoke Suspension”?

The Director of Foreign Trade (DGFT) should discontinue existing IEC certificates issued to exporters or importers. This may be due to the following reasons:

• Violation of currency rules

• Fraud for customs, excise tax, or compliance with the law

• Damage the reputation of trade relations with India.

DGFT does this only after the notification has been sent. It also provides a hearing opportunity for importers or exporters whose licenses must be revoked or suspended.

Importers/exporters can apply to stop the recall after connecting IEC on the portal. Sign the request and submit it online. Requests must be approved by the relevant Regional Office (RA). A request to cancel an IEC cancellation is initiated by the relevant regional office and sent to the DGFT headquarters for approval.

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