WHAT IS AN I E CODE ?
- The Import Export Code is a registration which is required to be taken by persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
WHAT IF I DO NOT TAKE IEC
Without an IEC, you will face practical difficulties during following transactions:
OPERATIONAL DIFFICULTIES
- You will not be allowed to make imports
- You will not be allowed to do exports
FINANCIAL DIFFICULTIES
- Your bank will not approve payment to your foreign supplier.
- Your bank will hold the payment sent by your foreign customer.
IN SHORT, WITHOUT AN IEC, YOU WILL NOT BE ABLE TO SELL/PURCHASE TO/FROM FOREIGN COUNTRIES. AND, YOU WILL ALSO NOT BE ABLE TO SEND /RECEIVE MONEY FROM YOUR FOREIGN SUPPLIERS/CUSTOMERS.
WHEN CAN I IMPORT/EXPORT WITHOUT AN IEC
- If you are importing & Exporting goods for Personal use.
- If you are importing & Exporting goods from/to Nepal provided that CIF value of a single consignment does not exceed Rs. 25000 or such as changed from time to time.
- If you are 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 or such as changed from time to time.
- 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.
