The Importer Exporter Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India, to businesses or individuals engaged in import and export activities. Here's all you need to know about the Importer Exporter Code (IEC):

1. **Purpose**: The primary purpose of the IEC is to facilitate and regulate the import and export of goods and services in India. It serves as a mandatory requirement for businesses or individuals involved in cross-border trade to carry out import/export transactions.

2. **Eligibility**: Any individual, partnership firm, limited liability partnership (LLP), company, or any other legal entity engaged in import/export activities is eligible to obtain an IEC. Even individuals or businesses engaged in import/export for personal use or gifts exceeding specified limits need to obtain an IEC.

3. **Benefits of IEC**:
   - International trade facilitation: IEC enables businesses to engage in international trade by facilitating customs clearance, documentation, and compliance with import/export regulations.
   - Global market access: IEC provides businesses with access to global markets and opportunities for sourcing raw materials, selling products/services, and expanding their customer base.
   - Legal compliance: IEC ensures compliance with regulatory requirements and enables businesses to operate legally in the international trade environment.
   - Participation in government schemes: IEC is a prerequisite for availing various benefits, incentives, and schemes offered by the government for promoting exports, such as duty drawback, export incentives, and export promotion capital goods (EPCG) scheme.

4. **Types of IEC**:
   - **Permanent IEC**: Issued to businesses or individuals engaged in regular import/export activities. It does not have any expiry date and remains valid until it is surrendered or canceled.
   - **Temporary IEC**: Issued to businesses or individuals engaged in temporary import/export activities or transactions. It is valid for a specific period as specified in the IEC certificate.

5. **Application Process**: The process of obtaining an IEC involves the following steps:
   - Fill out the online or offline application form for IEC and submit the required documents, such as identity proof, address proof, bank details, and business registration documents.
   - Pay the prescribed fee for IEC application processing through online or offline modes.
   - Upon submission of the application and documents, the designated authority (DGFT) will verify the information provided and issue the IEC within a specified timeframe.

6. **Validity and Renewal**: Permanent IEC is valid for a lifetime unless surrendered or canceled by the holder. Temporary IEC is valid for the duration specified in the IEC certificate. It is essential to renew the temporary IEC before the expiry date if required for further transactions.

7. **Compliance Requirements**: IEC holders must comply with various regulatory requirements, including filing periodic returns, maintaining accurate records of import/export transactions, and adhering to customs regulations and procedures.

8. **Usage of IEC**: Once obtained, the IEC can be used for conducting import/export transactions, opening a foreign currency account, obtaining export incentives, and participating in international trade fairs and exhibitions.

9. **Cancellation and Surrender**: IEC holders can cancel or surrender their IEC if they no longer intend to engage in import/export activities. The cancellation or surrender process involves notifying the designated authority (DGFT) and returning the original IEC certificate.

The Importer Exporter Code (IEC) plays a crucial role in facilitating and regulating import/export activities in India. By obtaining an IEC, businesses and individuals can comply with regulatory requirements, access global markets, and leverage opportunities for international trade and expansion.

IEC [Import/Export Code] Fees