Registration to get IE Code Number:
A citizen or a company starting a business for International trade has to Register the Company with the Director of Foreign Trade under the Ministry of Foreign Trade, to obtain an IE Code number, then only one can export materials to other countries and import materials from other countries to India.
Before 1997, it is essential to obtain this I.E Code number from the Reserve Bank of India, for every first time exporter for his export operations. Later, this work being done by Director General of Foreign Trade under the Ministry of Foreign Trade, Govt.of India.
DGFT provides every exporter an unique Import Export Code Number. IE Code Number is a ten digits code required for the purpose of export as well as import. No exporter is allowed to export his goods abroad without IEC number.
Exceptions are there for export to Nepal, Myanmir or to China through Gunji or Nathuala ports.If the CIF value of a single consignment does not exceed Indian amount of Rs. 25,000 /-there is no need to obtain IE code number for export to the above destinations.
What are the benefits of Import Export Code? (IEC)
On the basis of IEC, companies can obtain various benefits like incentives, drawbacks facilities on their Exports/Imports from DGFT, Customs, Export Promotion Councils etc.
The documents required for an IE Code application are listed below :
Demand Draft payable towards the application fee of Rs. 250/-. in favour of Joint Director General of Foreign Trade.
Certificate from the Banker of the applicant's firm in the format given in Appendix 18A (Part B).
Self certified copy of Permanent Account Number (PAN) issued by Income Tax Authorities (both sides).
Two copies of passport size photographs of the applicant. Photograph on the bankers certificate should be attested by the banker of the applicant.
Self addressed envelope duly stamped for Rs.30/-.
These documents may be kept securely in a file cover.
No fee is chargeable for modification in IE Code, if informed within 90 days of such changes.
After 90 days, a fee of Rs. 1000/- is charged.
Rs.200/- payable in the form of Demand Draft for issuance of duplicate IE code number.
Permanent Account Number (PAN):
PAN is mandatory. Photocopy of PAN card has to be submitted alongwith the application. If PAN card is not issued to the applicant then a copy of PAN allotment letter from Income Tax Deptt will also be accepted.
source: http://www.eximguide.com/
