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Import Export Code, How do you obtain an Import Export Code? First, you need to get a PAN card for your company. Second, you must get an electricity bill or rent agreement if you own a commercial premises. This way, you’ll be able to apply for an Import Export Code. Lastly, you need to pay a fee of Rs.150 to get your Import Export Code. You’ll be able to apply for your Import Export Code online or by phone.
10 digit alpha-numerical code
The Importer-Exporter Code, or IEC, is a 10-digit alpha-numerical code that is mandatory for exports and imports. It can be obtained online, and has a life-time validity. The IEC is used for various reasons, including clearing customs and receiving money from foreign countries. In order to receive this code, you will need to have your PAN and IEC.
The IEC is unique and is assigned to any business entity interested in importing or exporting goods. It is issued based on the PAN of the business entity applying for the code. However, it can be changed and issuing business entities more flexibility. The IEC must be valid for at least 10 years, but in some cases, a business can renew the code more than once. The only drawback is that the IEC is not re-usable if it expires before the end of the valid period.
Validity
The Import Export Code, also known as the IE code, is a unique number issued to companies or individuals. This code can be used for multiple branches, divisions, factories, and units. Its main purpose is to ensure that imported goods are legal and cannot be diverted or used for illicit purposes. The Import Export Code is not a license to import or export goods; it is a permanent document that does not need to be renewed, updated, or filed.
An Import Export Code is a 10-digit number issued by the Directorate General of Foreign Trade. It is a one-time registration and is valid for the lifetime of the company. It is also essential to keep in mind that without an IEC, it is impossible for an entity to import or export goods into a foreign country. The IEC is the key to entering the international market and expanding your business internationally. A company that obtains an IEC will be able to export goods to any country in the world.
Application
An application code for import and export is required for import and export of goods and services, and can be obtained for any business structure, including a sole proprietorship, partnership, private limited company, or charitable organization. However, if you wish to import and export goods and services for personal use, you do not need to obtain an application code. In this instance, you must have a passport or individual voter ID. The process for obtaining an application code is relatively simple and will take approximately five minutes.
A 10-digit Import Export Code (IEC) issued by the Director General of Foreign Trade (DGFT) is required for any business that wants to import and export goods and services in India or abroad. Once obtained, the IEC will be valid for a lifetime. The application code will be generated five to fifteen days after the documents are submitted and all necessary corrections have been made. Once issued, the IEC is required for any import or export business to complete a successful transaction.
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