Import and export are the two-component of international trade. Imports are the goods and services brought into one country from another country. Countries are most likely to import goods that are not produced in the domestic market as efficiently as in the exporting country. On the other hand, exports are the goods and services produced in one country and purchased by the people of another country. If goods are produced domestically and sold in a foreign country, it is an export. So, in simple words, the process of buying and selling of products and services in the international market are defined as import & export. Combined, they make up a country’s trade balance.
If you want to import and export anything to and from India then you need to apply for the import and export license. In India IEC (Import and Export Code) is mandatory before dealing in the import and export of goods. As passport is mandatory to travel abroad similarly IEC code is necessary for selling and buying of products outside the home country. IEC is a 10 digit number, granted by the Director-General of Foreign Trade (DGFT). India’s import and export policies are governed by Foreign Trade (Development and Regulation) of 1992 and Export and Import Policy (EXIM). You can also submit an online IEC application at dgft.gov.in with the required documents and fee of rupees Rs 250.
Procedure for IEC license
Apply for online IEC application on the official website of DGFT through form no. AN42A.
Submit documents required for the IEC license.
Pay the online IEC application fee along with the form.
For offline submission, all the documents are required to be self-attested
A self-addressed envelope with Rs. 30 (Thirty Rupees Only)
Documents required for IEC license-:
PAN card of the business entity
Photo ID: passport size
Authorization letter (in case of a partnership)
Copy of partnership deed
Bank certificate bearing applicant entity name
Digital Signature certificate
Benefits of import and export license-:
The IEC license is necessary for the expansion of any business.
A person beholding import & export license can sell manufactured goods to the clients overseas.
With IEC license you have a legal right to import and export and participate in the international trade.
IEC is a permanent license which means that it is valid for a lifetime. You do not need to renewals.
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