The IEC Code (International Electrotechnical Commission Code) is a unique identification code that is required for businesses engaged in the import or export of goods and services in many countries. It is primarily used in India, where the code is known as the Import Export Code (IEC).
In India, the IEC is issued by the Directorate General of Foreign Trade (DGFT), and it is essential for:
Importing Goods: Any business or individual importing goods into India needs an IEC.
Exporting Goods: Similarly, businesses involved in exporting goods from India require an IEC.
Financial Transactions: The IEC is often needed to complete international payments for exports and imports.
The IEC code is required by customs authorities for tracking the movement of goods and ensuring compliance with international trade regulations.
Eligibility: Any individual or company involved in international trade.
Application Process: In India, applying for an IEC code is an online process and does not require renewal.
Unique Identification: The IEC code is a unique 10-digit number for each business entity.