Import Export Code

Any person/business entity intending to deal in international trade of goods and services need to apply for IEC.

No, IEC is a mandatory registration for every importer/exporter of goods & services.

Only 1 IEC can be issued against a single PAN. Such single IEC is valid for multiple branches/divisions of the business entity. If more than 1 IEC are wrongly issued, the entity should surrender the duplicate IEC to the jurisdictional Regional Office.

IEC code is a permanent registration which is valid for lifetime. It is valid until the business exists or registration is surrendered/revoked. No returns are to be filed in respect of IEC. But from F.Y.2021-22, it has been made compulsory to update details of IEC online once in every year.

Yes, IEC is PAN based. As such, IEC can be allotted to any individual/HUF/Trust/Partnership/LLP /Company.

No, DGFT has integrated PAN web services of CBDT with its server. Therefore, PAN is not required to be uploaded while making an online application for IEC. However, a copy of PAN is required for our purpose as PAN number is to be filled in the application form.

If an IEC holder does not wish to operate allotted IEC number, he may surrender the same by informing the issuing authority i.e. jurisdictional regional office. On receipt of such intimation, the Issuing Authority shall immediately cancel it and electronically transmit it to DGFT and customs authorities.

IEC is required in the following situations:

1. When an importer has to clear his shipments from the customs
2. When an importer sends money abroad through banks
3. When an exporter has to send his shipments
4. When an exporter receives money in foreign currency directly into his bank account

Following category of persons are exempted from obtaining an IEC:

• Import and export by central government/state governments or agencies or undertakings for defense purposes
• Import or export of goods for personal use
• Individuals who export/import goods to/from Nepal and Mynamar through Indo-Myanmar border areas and China (through Gunji, NamgayaShipkila and Nathula Ports) where single consignment does not exceed Rs. 25,000

However, all PSUs which have obtained a PAN will be required to obtain IEC for any export/import.

RCMC is a “Registration-cum-Membership Certificate” issued by the Export Promotion Council body under the Government of India. Only persons holding IEC may apply for RCMC registration. This certificate is issued for 5 years by Export Promotional Councils or Commodity Board of India relating to that line of business.

RCMC is required for businesses that deal with export of restricted products and those seeking concessions under Foreign Trade Policy.