Description

IEC or Import Export Code is a code which is mandatory for Indian companies if it wants to expand its business activities through import and export business operations. The IEC is granted Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industries Import Export Code is a unique ten-digit code which is granted by DGFT, the purpose of the Import-Export registration License Certificate is to regulate and manage the foreign trade operations in India. To carry out Import and Export activities in India, it is necessary to obtain IEC registration as any business cannot import-export activity without obtaining an IEC license. Additionally, if any company wants to extend its business operations to the import-export activity, then getting IEC registration is a must and through which the business also gets benefited by the government schemes. Reserve Bank of India has made obtaining an IEC license mandatory for all the traders and Import Export Code is necessary during all transaction procedures. In the present growing competition, businesses have to compete with their competitors available in the business market. With the generation of new ideas and back to back new innovations in business operations, the emergence of e-business, business operating in domestic markets finds it important to extend their business activity globally by trading abroad. Import Export Code or IEC is a one-time registration process and the obtained license can be utilized by the company all through its existence and there is no need for any renewal. When the organization has obtained IEC, from that point the organization can expand its trading activity abroad with no issues.