IE code registration is essential. The Import Export Code (IEC) is a 10-digit number issue to a person who imports or exports goods and services from a foreign trade provided by the Director General of Foreign Trade (DGFT). IEC It is a code assign to an individual page number or company page number for importing / exporting any pen goods / services and for availing many benefits through Export Development Council or DGFT. IEC to get Code One you have to submit valid documents and follow the relevant procedure so that the Government of India can ensure your identity as any person or business company.
Importance of Import Export Code
Unlocking the international market
The IE code provider in Chennai states that it is a requirement for the import and export business, so it allows people to reach the international market. This enhances the quality of the business and takes it forward.
Establishing business standards and global reach
There are several factors in the import and export business. The IE code provider in Chennai maintains a healthy business relationship between the two customers. In addition to promoting global reach, it also establishes your entity’s business standard.
Lifetime recognition
One of the main features of the Import Export Code provider in Chennai is that it has a lifetime validity which means that any business organization can enjoy its benefits as long as it exists. Even the unique 10 digit code does not require any kind of renewal.
Reduces the transport of illegal goods
According to the instructions and requirements for obtaining the Import Export Code, you need to provide your official information. No one will be able to get IE code without giving full authentic information. This prohibits the transport of illegal goods.
Features of IE code
Business expansion
IE code provider in Coimbatore helps you take your services or product to the global market and grow your businesses.
Gain many benefits
Companies can get many benefits of their import / export from DGFT, Export Promotion Council, and Customs etc. Based on registration.
Returns. Do not file a return
IEC is not require to pay any compensation. Once allocated, there is no need to follow any procedures to maintain its validity. Even for export transactions, there is no need to file a refund with DGFT.
Easy processing
It is very easy to get IEC code from DGFT. The time is about 10 to 15 days after submitting the application. No export or import proof is require to obtain IEC code.
No renewal required
The IE code provider in Coimbatore is effective for the lifetime of the entity and does not require renewal. Once it is receive, it can be use by the entity against all export and import transactions.
IEC Eligibility
The entire operation of import and export in India is govern by the provisions of the Foreign Trade (Regulation) Rules, 1993. Therefore, I.C.I. But also regulated by the same law. If the import / export is of services or technology, only in limited circumstances, when the import or export is in ‘special services’ or ‘specify technologies’, i.e. services or technology in which international trade is prohibit by the government, IEC. India deals with national security, such as dealing with nuclear weapons, automatic guns, etc. In the following circumstances the IEC Not required:
Import / export of goods for personal use, not connected with the trade, production or agriculture.
Import / Export by Government Ministries and Departments, and some notable charities.
IEC Procedure
The applicant is register / register with the Director General of Foreign Trade (DGFT) near the head office. Will apply, in a company it is a registered office fee and for others, it is the head office.
The applicant must submit the required forms and fill in the ‘Import Export Form – ANF2 properly for obtaining the IE code in Coimbatore
It should be note that as per the provision only one ICE can be use against a single page number. Can be issue if more than one IEC is allot. Is, it may be surrender to the regional office for cancel.
Recent news
India’s trade deficit widened by 26% year-on-year as imports increased. According to preliminary figures released by the Commerce Ministry on Saturday, the trade deficit in December was 18 per cent. It has increased by 7.7878% to 1.7171 billion dollars as compared to the 9 billion dollars. The data also reveals that India’s exports have declined by .8%, as the country recorded a trade volume of 26.89 billion dollars by December 2020, up from 27.11 billion dollars in December 2019. This is make according to preliminary data release by the Commerce Ministry .
Exports in December 2019 were 27 27.11 billion, while imports stood at 39 39.5 billion. In November 2020, exports fell 8.74%. From April to December 2020-21, the country’s trade exports fell 15.8% to .5 200.55 billion, compared to 8 238.27 billion in the same period of 2019-20.
During the nine months of the current financial year, imports fell 29.08% to 25 258.29 billion, compared to 36 4 364.18 billion in April-December 2019-20.
Oil imports fell 10.37 per cent to 9.61 billion in December 2020. Imports during April-December of the current financial year fell by 44.66 per cent. 53.711 billion. Gold imports increased by about 2 2 billion, an 82% increase over the previous year, while petroleum products saw the biggest decline for any commodity group in the country and abroad. The value of shipments of foreign drugs and pharmaceutical products has increased the most in India’s exports, up 17% from a year earlier.
Conclusion
The IE code provider in Bangalore states that business is undoubtedly a great option for those who are new to the business and ready to unlock the corridors of the international market with their product or service. The Import Export Code, is a key requirement of such people that not only enhances the growth and development of your business. But also inspires a certain level of business sector standard.