Import Export Code (IEC) registration is mandatory for carrying out Import Export activities in India. Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industries, issues IEC registration certificate. Custom authorities will only clear your shipment as an importer if you have an IEC number. Reserve Bank of India has also made it compulsory for all the traders to provide their Import Export Code during any payment transfer.
The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators. Businesses can avail benefits of government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion. Import Export Code (IEC) comes with lifetime validity and it doesn’t necessarily need any renewal.