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Export/Import code and compliances

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Import export code:

A 10 digit number issued by the Director general of Foreign trade commonly known as IEC or Import export code. For all persons engaged in either importing and/or exporting goods or services from India is mandatory required to have Import Export Code. Import Export Code is required for undertaking import of export transactions and availing benefits under schemes like SEIS or MEIS. However, IEC is not mandatory requirement for following situations:

  1. For personal use import/export of goods.
  2. By government ministries, departments and notified charitable organizations import/export.

Online Application for registration of Import Export Code:

  1. Importers/Exporters shall file an online application in form ANF 2A.
  2. Address proof and pre-printed cheque or bank certificate are the only two documents which an applicant required to submit.

Details of Address Proof:

Following supporting for address proof must contain in the name of the firm and in case of proprietorship in favour of individual is acceptable.

  • In case the business premises is self-owned then sale deed or
  • In case the premise is rented / leased then rental / lease agreement or
  • Latest electricity/ landline/ mobile bill in the name of the applicant entity or
  • GST registration certificate or
  • Aadhar card, Voters ID, passport is valid in case of Proprietorship.

The above referred documents need to be uploaded on the site in digital format – GIF, JPEG and the size of the documents should not exceed 5 MB.

At the time of filing of an application Rs 500 is to be paid as application fees.

Post Application Procedure:

  • IEC will be auto generated once the online application is submitted, fees paid and required documents uploaded.
  • Intimation regarding allotment of IEC will be sent to an applicant via SMS and e-mail along with a hyperlink through which the e-IEC can be downloaded and printed.
  • As per the guidelines regional authority would conduct post verification of the online IEC.
  • Immediately after issuance of e-IEC, an e-IEC holder needs to update his profile.
  • Every IEC holder is responsible for updating its profile immediately. Further, at least once in a year, in case of any change in IEC or in any other case, the profile updation needs to be done.

 

Export Compliance:

A specialized multidisciplinary framework, which provides support to organization in compliance Risk Management i.e. the risk of legal or administrative sanctions, financial losses or reputation deterioration for failing to comply with laws, regulations and legislation, codes of conduct and good practices is known as export compliance.

Export compliance covers all activities of import and export of goods and / or services, tangible and intangible assets.

Import HS Code:

The World Customs organization has developed The Harmonized Commodity Description and Coding System or HS Code, which defines it as a “multipurpose international product nomenclature”. The HS code system is important because universally recognised by more than 200 countries.