Import Export Code (IE Code)
Import Export (IE) Code is a registration required for 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. IE Codes when issued can be used by the entity throughout its existence and doesn’t require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.
Importers Require IE Code
All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.
Exporters Require IE Code
All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
Lifetime NO Renewal
IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
No Return Filing
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
Proprietors can have IE Code
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
IE Code can easily be obtained from DGFT within 10-15 working days after submission of the application along with all the necessary information. It is not necessary to show proof of any import or export to obtain IE Code.