Import Export Code: IEC Application and Certificate

1. What is Import Export Code?

Import Export Code is also known as Import Export License it’s a unique 10-digit alpha numeric code issued on the basis of PAN of an entity or person and is issued by the Director General of Foreign Trade.

2. By what duration one has to renew their import export license/ import export code?

No renewal is required for import export code or license. This license is issued by the authority named as Director General of Foreign Trade and valid for lifetime.

3. Whether separate import export codes are required for import as well as export?

IEC is based on Pan Number so the same import export code can be used for both import and export of goods and services.

4. Are the services rendered outside India also require the Import Export Code registration?

Technically for the import or export of any good or service IEC is required, but for import or export of any technology or service, IEC is required only in cases where service supplier is captivating certain advantage from the foreign trade policy or he is dealing into the specified services or technologies mentioned under the provision of Section 7 of Foreign Trade (Development & Regulation) Amendment Act, 2010.

5. Are there any benefits in getting import export code for service exporters?

Yes, one of the prime benefits of getting IEC is the SIES (Service Exports from India Scheme). In this scheme incentives would be provided for all eligible export of services from India to the service providers situated in India. The mentioned rates of incentive vary from 5% to 7% of net foreign exchange earned.

6. Is Import Export Code is also required for import or export of goods for personal use?

No, Import Export Code is mandatory only for business and commercial purposes. There is no need to obtain IEC to import or export goods for personal use. Therefore, a person can import or export goods without any IEC registration for personal use.  

7. Do we need to take different IEC number for each firm?

Every firm has to apply for IEC unless the PAN associated with them is not similar. So in that case if a person has more than one proprietorship firm registered on a single PAN then no separate IEC Code is to be taken for each firm. This is because proprietorship firm does not have a separate legal identity and so the PAN of an individual is used as PAN of their proprietorship firm for the registration under IEC. However, In case of partnership firm, LLP and Company separate IEC Code will be required for each of such entity as PAN is allotted to them separately by the regulatory authority.  

8. If more than one IEC is allotted for one PAN, then what to do?

If more than one IEC has been allotted on one PAN then the person has to surrender the excess IEC code with the regulatory authority for cancellation.

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