Q.1 What is the Import Export Code (IEC)?

Import Export Code (otherwise called IEC code) is a 10 digit recognizable proof
number that is given by the DGFT (Director General of Foreign Trade), Department
of Commerce, Government of India. It is otherwise called the Importer Exporter
Code. Organizations and organizations should acquire this code to begin a business
that arranges with import and fare in the Indian Territory. It is preposterous to expect
to manage fare or import business without this IEC code. There are sure cycles and
conditions that you need to satisfy to acquire the Import Export Code(IEC code). You
likewise need to hold fast to specific guidelines. When you satisfy the conditions, you
can get the IEC code from the DGFT workplaces. It has a few territorial workplaces
all through the country. You can get it from the closest zonal or territorial office.
Endless supply of GST, IEC being given is equivalent to the PAN of the firm.
Notwithstanding, the IEC will in any case be independently given by DGFT
dependent on an application. The idea of the firm acquiring an IEC might be any of
the following-Proprietorship, Partnership, LLP, Limited Company, Trust, HUF,
Society.
The current system of the IE Code registration and issuance of the IEC was introduced
in the year 2006 on 27th July by DGFT in a policy circular No. 15 (RE-2006)/2004-
2009. In addition to this, Eligibility conditions and Legal Provisions are given for IEC
Code Number Application in Foreign Trade (Regulation) Rules, 1993 Ministry of
Commerce, Notification No. GSR 791 (E), dated 30-12-1993.

Features of the Import Export Code(IEC) Registration:

Potential Global Exposure: IEC empowers organizations to grow their possible effort
by moving from neighborhood markets to public business sectors and over and across
the boundaries to worldwide business sectors.

Advantages from the public authority: The public authority of India is continually
assisting with empowering trades from the country. To this end, the DGFT, Customs
and Exports advancement Council give organizations send out conspire benefits
empowering and empowering trades through the IEC Code Registration.

No Renewal Hassle: The DGFT gave IE Code is substantial for the whole lifetime of
the candidate and henceforth there is no requirement for restoring your Import Export
permit, over and over, leaving you with just one-time enlistment costs.
Yearly Compliances: Transactions and shipments finished with the assistance of the
IEC number don't need to be recreated anyplace rather than government forms. There
are no compulsory yearly compliances for exchanges done through the IEC
enrollment.

Business Profile:
Bombay Imports Ltd. plans to import food products/high quality spices from different
nations available to be purchased and circulated in India. Its advancement objectives
are for consistent extension, with productivity by the second year. India is the world's
biggest food and spice shipper and buyer. Per capita utilization is probably going to
fill in the next couple of years. The business is overwhelmed by few organizations that
interact and market imported or locally delivered spices. Given the pattern toward
consolidations in many areas, there is plausible consolidation and acquisitions in the
zest business bringing about less, bigger firms. Bombay imports Ltd. plans to import
excellent food products and spices at serious costs. It guarantees importation of top-
quality products by keeping up with steady correspondence with unfamiliar makers
and positioning a quality control expert at most fare areas to decide and exhort on
quality before importation into India.