FAQ

Frequently Asked Questions (FAQs) related to obtaining an Import-Export Code (IEC) in India, along with their answers:

1. What is an IEC Code, and why is it essential for international trade?

   Answer: An Import-Export Code (IEC) is a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT) in India. It is essential for anyone involved in importing or exporting goods and services from India. It is used for customs clearance, opening foreign currency accounts, and availing government benefits.

2. Who is eligible to apply for an IEC Code?

   Answer: IEC codes can be obtained by individuals, sole proprietorships, partnership firms, limited liability partnerships (LLPs), companies, and any other legal entities.

3. How do I apply for an IEC Code?

   Answer: To apply for an IEC code, follow these steps:

   - Visit the DGFT website.

   - Fill out the online application form with the required details.

   - Pay the prescribed fee.

   - Submit the application.

   - After verification, the IEC code is issued within 1-2 business days.

4. What documents are required for the IEC application?

   Answer: The necessary documents typically include:

   - PAN card

   - Aadhar card

   - Passport-sized photographs

   - Bank account details

   - Additional documents may be required depending on the type of entity (individual or business).

5. How much does it cost to obtain an IEC Code?

   Answer: The fee for an IEC code application varies based on the type of entity (individual or business). It's advisable to check the DGFT website for the latest fee structure.

6. Is there an expiry date for the IEC Code, and do I need to renew it?

   Answer: IEC codes do not have an expiry date, and they do not require renewal. Once obtained, an IEC code remains valid for the lifetime of the entity.

7. Can I modify the details on my existing IEC Code?

   Answer: Yes, you can modify the details on your IEC code if there are changes in your business information, such as address, name, or constitution. You can do this by submitting a modification request to the DGFT.

8. What happens if I lose my IEC Code?

   Answer: If you lose your IEC code, you can contact the DGFT with the necessary information, and they can provide you with a copy of your IEC certificate.

9. How long does it take to obtain an IEC Code after applying?

   Answer: In most cases, an IEC code is issued within 1-2 business days after the application is submitted and verified by the DGFT.

10. Can I apply for an IEC Code offline?

   Answer: No, the application process for an IEC code is entirely online through the DGFT's official website.

Please note that while these answers are accurate as of my last knowledge update in September 2021, it's advisable to refer to the official DGFT website or consult with a legal expert for the most up-to-date and specific information regarding IEC code issuance.