Monday, 23 February 2015

FAQ ON IMPORTER EXPORTER CODE (IEC)

What is IEC?

IMPORTER EXPORTER CODE ( in short IEC ) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafideperson/ company for carrying out import/export.

Why IEC is required?

As per Foreign Trade (Development and Regulation) Act 1992
No person shall make any import or export except under an Importer-exporter Code Number granted by the Director General or the officer authorized by the Director General in this behalf, in accordance with the procedure specified in this behalf by the Director General.

IEC forms the primary document for recognition by Government of India as an Exporter/Importer. On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc. SSI Registration Services

Validity of IEC No

Only one IEC would be issued against a single PAN number. Any proprietor/company/firm can have only one IEC number and in case there are more than one IEC's allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation. An IEC number allotted to an applicant shall be valid for all its branches /divisions /units /factories.

Status of IEC & details of IEC holder

The applicant can know the status of the IEC application using option "Status of IEC Application" on the website of DGFT (http://dgft.gov.in/). Also we can see the details of the IEC holder by using the tab "View your IEC" on the website and we need to enter IEC number and first 3 letters of the holder's name.

Duplicate Copy of IEC Number

Where an IEC Number is lost or misplaced, the issuing authority may consider requests for grant of a duplicate copy of IEC number, if accompanied by an affidavit.

Surrender of IEC Number

If an IEC holder does not wish to operate the allotted IEC number, he may surrender the same by informing the issuing authority. On receipt of such intimation, the issuing authority shall immediately cancel the same and electronically transmit it to DGFT for onward transmission to the Customs and Regional Authorities.

Modification in IEC:

If there are any changes in the details of the applicant like change of name, change of address, additional business places, change of directors the same should be intimated to DGFT (Director General of Foreign Trade) using the same form 'AayaatNiryaat Form - 2A (ANF 2A)'.

IEC No: Exempted Categories

The following categories of importers or exporters are exempted from obtaining Importer -
Exporter Code (IEC) number:

1. Importers covered by clause 3 (1) [except sub-clauses (e) and (l)] and exporters
covered by clause 3(2) [except sub-clauses (i) and (k)] of the Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.
2. Ministries/Departments of the Central or State Government.
3. Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture.
4. Persons importing/exporting goods from/to Nepal provided the CIF value of a single consignment does not exceed Indian Rs.25,000.
5. Persons importing/exporting goods from/to Myanmar through Indo-Myanmar border areas provided the CIF value of a single consignment does not exceed Indian Rs.25,000.

However, the exemption from obtaining Importer-Exporter Code (IEC) number shall not be applicable for the export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix- 3, Schedule 2 of the ITC (HS) except in the case of exports by category (ii) above.

APPLICATION FOR IEC
An application for grant of IEC number shall be made by the Registered Office of the company to the nearest Regional Authority of Directorate General Foreign Trade in the 'AayaatNiryaat Form - 2A (ANF 2A)' and shall be accompanied by the following documents in case of company:

1.    Demand Draft of Rs.250 evidencing payment of application fee in favour of the concerned regional office of DGFT. Money can also be paid through Electronic Fund Transfer (EFT).
2.    Certificate from the Banker of the applicant firm in the specified format
3.    Photograph on the banker's certificate should be attested by the banker of the applicant
4.    Copy of Permanent Account Number (PAN) duly signed by authorized director.
5.    Certificate of Incorporation, MOA, AOA duly signed by the authorized director of the company.
6.    Rental agreement duly signed by the authorized Director. List of present directors. Copy of board resolution.
7.    Identity & address proofs of all the directors.
8.    In case of foreign investment in the company, Copy of RBI approval letter has to be submitted.
9.    Two copies of passport size photographs of the authorized director. Self addressed stamped envelope.
10.    Each individual page of the application has to be signed by the applicant. These documents have to be submitted in a flat file

Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-43520194

1 comment:

  1. Thanks for providing this information was of great help for my needs, Keep posting content related to Service Tax Consultants Delhi

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