IEC - Import-Export Code for Impex Company | Ozg Criminal Lawyers, Raipur

What is IEC?

IEC Stands for IMPORTER EXPORTER CODE

Who requires an IEC?

IEC is required by anyone who wish to have International transactions or trade. This covers Freelancers, individuals, companies, firms, bonafide persons etc.

Can Export/Import be made without IEC?

No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer

What are the benefits of IEC?

On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc.

What are the documents needed for an IEC application?

Documents needed for IEC application:

Application form in specified format (Form ANF 2A and ANF-1) to be filled.

Details of the company

-> Name of the Company/ Individual
-> Address of registered office of the company/ Residential address of the Individual
-> Address(es) of all the branch offices/ divisions/ factories/units of the company
-> Telephone number
-> Email address of the company/ Individual

Details about promoters

-> Name of all the Directors/Partners/Karta/ Trustee/ Proprietor (as the case may be for the applicant company. e.g. For Pvt. Ltd. Co. its Directors, for LLPs its partners etc.)
-> Fathers name of each promoter
-> Residential Address of each promoter
-> Contact Phone number of each promoter

Type of Exporter

Merchant/ Manufacturer/ Service Provider/ Combination of any of these

Bank account details of the company

-> Name of the bank
-> Address of the bank
-> Type of account held (current account/ OD account etc.). Please note that Savings account are not allowed for IE code purposes.
-> Account number
-> Year of opening account

PAN Details

-> PAN number of the company/ Individual
-> Issuing Authority (Income Tax Department, alongwith Ward, Jurisdiction etc.)

Details about various registrations the company/ individual has, e.g.:

-> Industrial registration
-> Service tax
-> RCMC details
-> Status House
-> Excise registration
-> VAT registration

Details of turnover for last 3 years

-> A certificate from your banker in specified format. The certificate should also attest the photograph of 1 of the promoter.
-> 6 Passport size photograph of 1 of the promoters
-> A demand draft in favour of concerned officer under whose jurisdiction the registered office of the applicant company comes (e.g. Joint DGFT or DGFT depending on the office to office)
-> Self attested copy of the PAN card
-> A covering letter on letter head of the company requesting the concerned officer to grant IE Code
-> In case of Private Limited Companies, following additional documents are required:

Board Resolution for obtaining IEC
Memorandum of Association & Articles of Association
Copy of last Form 32 filed with RoC, if there has been any change of Directors from what is mentioned in MoA and AoA

-> In case of Individual/ proprietorship firms, Residential address proof of the proprietor is also needed. The residential address proof should have been issued by any Governmental agency and should have a photo of the person (e.g. Driving Licence, Voters ID card, Passport etc.)
-> If the company has an NRI interest, then details of RBI approval number should be provided alongwith applicaton in Part D of the same.
-> Many DGFT/JDGFT office insist on submitting the application in duplicate (2 copy). Please check on the same before submitting the application.
-> Self addressed envelope (size 5" x 12") with postal stamp affixed on it for despatch of IEC via speed post by the Department. Postal stamp value:

For local area - Rs.20/-
Upto 200Kms - Rs.25/-
200 to 1000 Kms - Rs.30/-
More than 1000Kms - Rs.50/-

-> All the documents alongwith self addressed envelope should be put in a file and then submitted either in person at the concerned office or be sent via post to the concerned office.

What is fee for modification in IEC?

No fee is chargeable for modification in IEC, if informed within 90 days of such changes. After 90 days, a fee of Rs. 1000/- is charged.

What is the fee for issuance of duplicate IEC?

Rs.200/-

Is PAN Number/PAN card essential?

Yes , PAN is mandatory. Photocopy of PAN card has to be submitted alongwith the application. If PAN card is not issued to the applicant then a copy of PAN allotment letter from I.T. Deptt will also be accepted.

How much time does it takes to get an IEC?

Normally two working days

Can IEC be hand delivered/Over the counter?

No, IEC issued are dispatched through Speed Post.

Is there any Tatkal Scheme ?

No.

How an applicant (NRI) can apply ?

NRI has to follow the normal application procedure. In addition approval from RBI (www.rbiApproval.com) / FIPB (www.fipb.in) is needed in some cases.

Procedure for a foreign national for obtaining IEC (documents needed)?

Board Resolution, Memorandum of Association, copy of Passport.

Do Foreigners require residence in India?

Not necessary.

What is RBI’s Automatic approval for obtaining IEC?

Notification No. 20/2000/RBI dated. 3rd May, 2000.

In case the IEC is received undelivered, what are the documents required for proving the genuineness of the firm?

Information to Post Office, copy of Telephone Bill, Electricity Bill copy of Rent deed etc (any one) are required to confirm about the genuineness of the address.

Why PAN Card’s (both side) is required?

To identify issuing authority’s address.

What are the documents required for issue of Duplicate IEC?

Duly filled application form along with application fee of Rs.200/- , a copy of FIR and an affidavit on stamp paper of Rs.10/- duly notorised.

Where to obtain an IEC?

An application for grant of IEC number shall be made by the Registered/Head Office of the applicant to the licensing authority under whose jurisdiction, the registered office in case of company and Head office in case of others, falls.

What is the tenure of an IEC?

An IEC once issued is permanent in nature till the same is surrendered by the IEC holder or cancelled by the Licencing Authority upon any default made be the IEC holder.

How often is the IEC required to be updated?

An IEC once issued needs to be updated within 90 days in the case of the following:

What is DEPB?

Duty Entitlement Pass Book (DEPB) is a Duty Credit Entitlement issued on Post Export Basis to neutralise the incidence of Customs duty on the import content of the export product.

Who can claim a DEPB Entitlement?

Under the DEPB scheme, an exporter may apply for credit, as a specified percentage of FOB value of exports, made in freely convertible currency.

How does an exporter ascertain the eligibility of his product to claim DEPB?

Eligibility for claim of DEPB can be ascertained with reference to the DEPB Schedule wherein the description of the export product is either

On basis of manufacturing process i.e. forging, casting, extrusion, etc. or on basis of content i.e. ferrous / non ferrous, alloy / non alloy, etc.

What if the export product is not mentioned in the DEPB Schedule?

In such case, exporter should undertake the exercise of getting SION (Standard Input Output Norms) fixed for his product and subsequently move for fixation of DEPB Rates.

For this, the exporter should be very clear of implication of custom duty and excise on input stage level for his product and effect of the tax component on his pricing.

How can this Duty Credit Entitlement be used?

Such DEPB claimed can be used in either of 2 ways:

To meet incidence of Customs duty of imports conducted be himself; or

Transfer such DEPB to an Importer against consideration;

What is an Advance Authorisation?

An Advance Authorisation is issued to allow duty free import of inputs, which are physically incorporated in the export product. The underlying principal is to make available all kinds of inputs to an exporter free from duties and taxes.

Who can apply for an Advance Authorisation?

A manufacturer – exporter can apply.

A merchant exporter can also apply on the basis of a tie up arrangement with a supporting manufacturer.

What forms the basis of applying for an Advance Authorisation?

Govt. of India has announced SION for around 7200+ items against which an Advance Authorisation can be procured.

However there exists a provision for getting an Advance Authorisation on self declared norms which subsequently goes for ratification with the office of DGFT, New Delhi.

What are the conditions governing an Advance Authorisation?

Advance Authorisation and / or materials imported there under shall not be transferable even after completion of export obligation, i.e. Actual User condition applies.

Advance Authorisation shall be issued with a positive value addition while undertaking an Export Obligation against the duty free imports.

What is the necessity for a Bank Guarantee?

Whenever an exporter undertakes the imports before exports, he shall have to provide to the customs authority a bank guarantee to the tune of the duty that would be saved on such imports.

However the exporter is allowed to release the goods on LUT (Legal Undertaking) in lieu of a BG in specified cases.

Is it necessary to always import the goods first?

The exporter is allowed to procure the goods locally from an indigenous supplier against the advance authorisation.

In cases where exports are conducted prior to imports, no Bank guarantee shall be required.

What is the validity of the authorisation?

Validity of the authorisation is 24 months from date of issue for both and export and import with a provision of extension for both on paying appropriate fees.

Which exports are considered in fulfillment of E.O.?

The export made has to be a DEEC shipment in the Customs records to be qualified as an export against the advance authorisation.

The E.O. is treated to be fulfilled when proper accounting is being placed before the regional authority who when satisfied will issue a discharge letter.

What qualifies as “Capital Goods” for the EPCG Scheme?

"Capital Goods" means any plant machinery, equipment or accessories required for manufacture or production, either directly or indirectly, of goods or for rendering services, including those required for replacement, modernisation, technological upgradation or expansion.

Who can get exemption from Bank Guarantee?

All the exporters who have an export turnover of at least Rupees 5 Crore in the current or preceding licencing year and have a good track record of three years of exports will be exempted from furnishing a BG for any of the schemes under this Policy and may furnish a LUT in lieu of BG.

Is Export of Spares allowed?

Warranty spares, whether indigenous or imported, of plant, equipment, machinery, automobiles or any other goods, except those restricted under ITC (HS), may be exported along with the main equipment or subsequently but within the contracted warranty period of such goods subject to approval of RBI.

Ozg Impex Consultant

Ozg Center | London | New Delhi | New York | Mumbai

Phone # 098.11.41.58.61-72-84-92-94

Office Timing: Mon - Sat, 9:30 a.m. - 5:30 p.m. IST

Email: ask@impexconsultant.com

Note: To visit at any Ozg Center, an appointment is required.

Book Appointment Online
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======> Website: india.impexconsultant.com

======> Contact # 098.11.41.58.61-72-84-92-94

======> OFFICE: Monday - Friday | 10.30 AM - 5.30 PM

======> Language: English & Hindi

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======> Website: india.impexconsultant.com

======> Contact # 098.11.41.58.61-72-84-92-94

======> OFFICE: Monday - Friday | 10.30 AM - 5.30 PM

======> Language: English & Hindi

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Ozg Impex Consultant

Ozg Center | London | New Delhi | New York | Mumbai

Phone # 098.11.41.58.61-72-84-92-94

Office Timing: Mon - Sat, 9:30 a.m. - 5:30 p.m. IST

Email: ask@impexconsultant.com

Note: To visit at any Ozg Center, an appointment is required.

Book Appointment Online
ozgcenter.org/appointment

Join Ozg Impex Page @ fb.com/impex.ozg.in

Watch Ozg Impex TV @ impex.ozg.tv