Import Export Code registration in New Delhi is required to operate import-export business. You cannot import or export goods in New Delhi without IEC code registration. IEC is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to ease the foreign trade in India.
Any importer/Exporter in New Delhi who fails to show the IEC code, their goods will not be allowed to pass the ports and also result in incurring demurrage charges. In the worst case, their goods will be destroyed.
However, If an individual is importing or exporting goods for personal use and is not involved in any commercial trade are exempted from having an Import Export code as per the foreign trade policy.
The Importer Exporter Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, Government of India, to any person or business entity interested in importing or exporting goods and services from or to India. It is mandatory for any business or individual seeking to engage in import/export activities to obtain an IEC. This code is used by customs authorities for tracking transactions and facilitating imports and exports. It also serves as a primary document for international trade transactions and is required for obtaining various benefits under schemes like the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS).
import export Certificate [sample]
Following documents are required for IEC registration in New Delhi:
While an IEC code allows you to operate import-export business in New Delhi, It comes with some additional benefits. Let’s take a look at how obtaining an IEC code will help your import export business :
The IEC code facilitates your overseas trade and legalizes your import and export business. It makes your trade across borders easy and legal.
EFT is a new service offered to exporters that allows them to pay the license fee online via the internet rather than visiting a bank to make the payment.
You can register for the Importer Exporter code offline as well as online. The online registration process is effortless, and you don’t need to go anywhere. The process is carried out in 5 steps :
Directorate General of foreign Trade(DGFT) is an online government portal where you can register for the import export license in New Delhi. Your first step is to register on this portal.
The second step is the application phase where all your documents are arranged and prepared for application. Refer to the documents required for better understanding.
An importer/exporter is required to file an online application in ANF 2A(i) and submit the required documents for verification. You also need to pay the government fees to complete the application process.
Once your application is submitted, it is sent to DGFT for verification. In case there is wrong or incomplete information, Your license will be canceled. So, make sure you provide correct information.
Your IEC code will be issued after the approval by DGFT. In case of online application you will get e-IEC. Once approved by competent authority, you will be notified through email or SMS that your e-EIC is available on the DGFT website.
Unlike other government licenses, The Import Export Code was not required to be renewed and was valid for a lifetime. However, after the amendments in the Import Export code related provisions under chapter 1 and Chapter 2 of Foreign Trade Policy on 12th February 2021, the IEC code has now to be renewed every year
This amendment made the renewal of Import Export Code details mandatory for every IEC and e-EIC holder. Even if there are no renewal in IEC,the same has to be confirmed online on the DGFT portal. Failing to do so may result in the deactivation of your Import Export code.