Import Export Code In Delhi NCR

Import Export Code Registration in Delhi NCR

IEC is commonly known as ‘Import Export Code’ or ‘Importer Exporter Code’. The Director General of Foreign Trade, Ministry of Commerce and Industry, Government issues Import Export Code. Import Export Code is important for a person who wishes to start a business of importing and exporting goods and services from the country and abroad. The greatest benefit of having an import export code is its lifetime validity. Import Export Code has perpetual existence i.e. uninterrupted existence which means a business entity can avail the benefits of an import export code for lifetime until it gets legally dissolved. A person can only avail the benefits provided by the DGFT for the import and export trade if he has an Import and Export Code with him for his business. The code helps a person in expanding a business. Now, IE Code is mandatory in bank accounts. In Delhi NCR, Import Export Code is governed by the Foreign Trade Act, 1992.

The Director General of Foreign Trade (DGFT) accepts the application for the Import Export Code registration in Delhi NCR. During the registration process, one is required to provide all the required documents to the DGFT. Usually, DGFT after verification of all documents issues IE code in Delhi NCR, to the entities within 10-15 working days from the date of application. Further, IE Code can be issued in the name of a proprietor or on a company’s name. However, there are certain circumstances in which IE code is not required. These are:-

• If the import or export of the goods or services is done for the personal use and is not in any way connected to trade or manufacture.
• If the import and export is done by certain notified charitable organizations, government ministries and departments.

Reasons for Import Export Code registration in Delhi NCR

Import Export code is important for a person who is looking for doing a business of import and export in Delhi NCR. The Director General of Foreign Trade (DGFT) issues IEC which is a ten digit code and is valid for lifetime. Import Export Code Registration in Delhi NCR is important for carrying out the business of import export business in Delhi NCR. Apart from being the capital of the nation, Delhi NCR is important in many aspects. The city of Delhi NCR is a beautiful triangle which shows and holds with pride not only the traditional aspects of the country, but also the heritage of various dynasties that once ruled the city. Along with this the city also depicts a modern approach towards lifestyle. Each monument and building in Delhi NCR has its own story, its own importance, both historical and modern.

IE Code helps to avail the benefits from DGFT for the import export schemes. Import Export Code is important because of the following reasons:-

• Importers require Import Export Code in Delhi NCR

IE code is used for clearing customs. Thus, IE code is required by the banks and importers for sending money abroad and importing goods respectively.

• ·No Return Filing

Once a person has got an IEC for his business, he is not required to file any return to the DGFT. Also, a person is not required to file any return to maintain the validity of the IE Code.

• Proprietors can have IE Code in Delhi NCR

Import Export Code is issued even in the name of the proprietors. It is not mandatory for a person to have business entity to obtain Import Export Code.

• Exporters Require IE Code in Delhi NCR

All the exporters are required to show the IE code while sending the shipments abroad. Even, the banks and exporters require IE code for receiving money from abroad and exporting goods or services from the Country respectively.

• Lifetime – No Renewal

Import Export Code is issued for lifetime and does not require any renewal. IE code has perpetual existence which means the business entity having IE code can avail its benefits for lifetime until it gets legally dissolved.

Why I need IEC Registration in Delhi NCR

IEC stands for Import export Code and is represented by a 10 digit number issued by the Directorate General of Foreign Trade (DGFT), Department of Commerce as a license for doing import and export.  Import Export Code registration in Delhi NCR is required for the following reasons:-

• Unlocking the international market

Import Export Code increases the market potential by increasing the business quality and allows people to have their reach to the international market. IE code registration in Delhi NCR is mandatory for doing a business of export and import.

• Establishing business standard and global reach

Import Export Code establishes a healthy relationship business standard between two clients and helps to promote the global reach of the business.

• Lifetime Validity

The main advantage of having an Import export Code is that it does not require renewal and is valid for lifetime once registered. IEC has perpetual existence which means a business entity may continue to entertain its benefits till it gets legally dissolved.

• Reduces Illegal Goods Transportation

Obtaining an IE Code requires a person to disclose all the authentic information. Thus, this helps to put a restriction on transportation any illegal goods. 

• Companies may entertain certain benefits

Having an Import Export Code helps the company to avail benefits on imports and exports from DGFT customs and Export Promotion council etc. The greatest benefit of having an IEC is that a person can claim for the refund of taxes paid during exporting the goods.

Process for IEC Code Registration in Delhi NCR

Import Export Code is mandatory for individual or companies planning to start a business of import and export. For dealing in export and import, IEC license is required. In order to obtain IEC license one need to send all the documents scanned to Company Vakil The following processes needs to be followed for obtaining IEC license:- 

• Step 1 : Application Preparation

In order to obtain Import Export Code, one need to make an application in the Aayaat Niryaat Form or can avail government’s online filing facility of obtaining IE code online in Delhi NCR. The offline application has to be submitted to the DGFT in that region where the registered office of the company is established.

• Step 2 : Application Processing

The directors, partners, promoters, shareholders, subscribers and other members are required to submit details of the business along with bank account details and a bank certificate. Also, digital signature is required which can be obtained from any authorized government agencies. 

• Step 3 : IEC Fee Payment

After the completion of the application, an application fee needs to be paid to the government. All the documents should be filed before DGFT and it has the power to send back the form for correction/change. In case if DGFT has sent back the form, the person is required to reply back to DGFT within 15 days.

• STEP 4 : IE Code Issuance

The final step is issuance of Import Export Code by the Directorate General of Foreign Trade. After verification of all the documents, the DGFT will allot an IE code.

Minimum Requirements for Import Export Code registration in Delhi NCR Following are the documents required for Import Export Code Registration

On the bank letter head, a bank certificate is required by the bank.

• In case of Proprietorship firms:-

1. Total number of IE Code held along with their details.
2. Individual’s date of birth proof.

• In case of companies and others:-

1. Notarized partnership deed showing date of formation of the entity.
2. No objection Certificate (NOC) from other partners.

• Additional Documents

1. Passport size photograph of the applicant. The duly signed application form has to be submitted before the Director General of Foreign Trade.