In today’s age of cut-throat competition and globalization, every business aspires to grow and expand beyond the limits of its domestic market. While diving into the overseas market may look promising, there are certain regulations and compliances that one needs to be aware of, starting with acquiring an Import Export Code (IEC) license.
The Importer-Exporter Code, popularly known as an IEC number, is a business identification number issued by the Director General of Foreign Trade (‘DGFT’), Ministry of Commerce and Industry, nowadays, the PAN number of the applicant is treated as the IEC, however, application for registration is mandatory, to get oneself enrolled on the DGFT portal. Unless specifically exempted, no person can make any export or import of goods & services without obtaining an IEC. An IEC registration certificate is thus mandatory for individuals and businesses looking to get involved in the import/export business. If an importer does not have both GST Registration and an IEC code, the goods sought to be imported may get stuck at the port and start incurring demurrage charges or can even be destroyed. IEC enables importers to clear customs and shipments and allows them to transfer money to foreign banks. Conversely, exporters require an IEC to send shipments and receive money from foreign banks. The code is hence essential for clearing customs, facilitating international transactions, and complying with various trade regulations.

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