How do I get an import/export license in India to do business with China? What is the legal procedure, how long does it take, and how much does it cost?
An Import Export Code, also known as IEC is a code allotted to persons or businesses importing goods into or exporting goods from India. It is a 10 digit number which is issued by the DGFT, Ministry of Commerce.
An IEC has the following features and benefits:
- It acts as the primary proof that a firm is an importer or exporter.
- Import or export cannot be done without first obtaining an IEC.
- A proprietor can also obtain an IEC, without registering his business.
- Once issued, an IEC exists for a lifetime. This means that it does not need any renewal.
- It is not compulsory for import or export of goods for personal or governmental purposes.
- Quoting an IEC is compulsory when importing or exporting goods.
- IEC is compulsory for making foreign bank transfers in relation to business.
- It is valid for all branches of importer or exporter.
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