The Import Export Code (IEC) is a 10-digit unique code issued by the Director General of Foreign Trade (DGFT), mandatory for businesses in India to import or export goods or services. It serves as a key identification for customs and trade documentation.
Why is IEC Important?
- Mandatory for all import/export transactions in India.
- Required for customs clearance of goods.
- Enables opening of export-import bank accounts.
- Proof for claiming export incentives and subsidies.
- Essential for GST refunds and other export benefits.
Benefits of IEC
- Legal recognition for international trade.
- Simplifies customs clearance process.
- Makes businesses eligible for government export benefits.
- Builds trust with global suppliers and buyers.
- Required to open trade-related current accounts with banks.
Eligibility Criteria
- Indian citizens or companies including Proprietorship, Partnership, LLP, Private Limited, Public Limited.
- No minimum capital requirement.
- Must have PAN card and valid bank account.
Required Documents
- PAN Card of individual or entity.
- Proof of business address (electricity bill, rent agreement, bank certificate, etc.).
- Bank certificate or cancelled cheque of current account.
- Digital photograph (passport-sized) for individuals or directors.
- For companies: Incorporation Certificate and Board Resolution.
Key Tips
- IEC is lifetime valid unless cancelled.
- Update DGFT in case of changes in business name, PAN, or address.
- IEC is mandatory even for small-scale export/import.
- Link IEC with your bank account to avoid transaction issues.
- Keep both digital and physical copies for reference.
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