IEC (Import/Export Code)
registration is required by a person for exporting or importing goods. It is a
10 digit code which is issued by the Directorate General of Foreign Trade
(DGFT). All businesses which are engaged in Import and Export of
goods require registering Import Export Code. IE code has
lifetime validity. Importers are not allowed to proceed without this code and
exporters can’t take benefit of exports from DGFT, customs, Export
Promotion Council, if they don’t have this code.
The IE Code must be quoted by importers while clearing customs. Also, banks require the importers IE Code while sending money abroad. For exporters, IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.