cpc

import export code - applicability


Hi All,

A foreign subsidiary co. in India receives magazines from its parent company in Singapore for distribution/private circulation amongst its clients. There is no sale of these magazines in India. In such case, whether the Indian subsidiary company would require to obtain Import Export Code (IEC)? What is the applicability & compliance to be done a company which has an IEC?

 

Your views are solicited..

 

 

Thanks in advance...

 
Reply   
 
article

NEED FOR IMPORT - EXPORT CODE   :=

Import Export Code or IEC refers to a code of ten digits which is issued by Director General of Foreign Trade to different Indian companies. IEC is compulsory for all those companies who wish to carry on Import Export business in India. If a company wants to apply for IEC then the applicant should apply from his head office to the nearest office of Regional Authority of Directorate General Foreign Trade. One should know that an individual can only have a single IEC issued against a PAN number. No proprietor can avail more than one IEC.

HOW TO APPLY  :=

People who wish to apply for IEC can do so through internet as well. The form for applying for IEC can be downloaded from Internet in WORD or PDF format. Once an applicant receives an IEC number then he can use that number for all the branches/units and sub units of his firm. In case, IEC is lost by the proprietor then he can apply for a duplicate copy of IEC. However, the proprietor needs to apply for the duplicate along with an affidavit. Any proprietor who does not want to use the IEC number allotted to him can get it cancelled by applying the concerned authority. This may happen in those cases where a proprietor decides to wind up his firm.

FOR BUSINESS PURPOSE  :=

One should understand that in India one cannot operate an Import Export business without having an IEC number. There are various provisions and eligibility conditions for those people who wish to apply for IEC. A person can read all these provisions by taking a look at Foreign Trade (Regulation) Rules, 1993 Ministry of Commerce. PAN number is very important while applying for IEC. The application fee for the IEC is RS.250. In order to file an application for the IEC, an applicant should visit the official website of DGFT.

EXEMPTED CATEGORIES  :=

There are some categories of companies which are exempted from the compulsion of getting IEC for Import and Export in India. Companies which fall in to these categories do not need an IEC for carrying out import export in India. Departments of state and central governments, people transferring or getting goods from outside for personal use etc. are exempted from the compulsion of getting an IEC for foreign trade. Current bank account number, PAN number, Bankers certificate and other documents are required for getting an IEC.

 :):):)

 
Reply   
 



 

IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies.

Full From of IEC Code is “Importer Exporter Code ”. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number. 

 

If anyone need an IEC Code in easiest and fastest manner, Pls contact NMS Pvt.Ltd. , Mr.D.K.Jain: 9810092750.

or Email us @:-  dkjain44@yahoo.com

 
Reply   
 

 

IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies.

Full From of IEC Code is “Importer Exporter Code ”. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number. 

 

If anyone need an IEC Code in easiest and fastest manner, Pls contact NMS Pvt.Ltd. , Mr.D.K.Jain: 9810092750.

or Email us @:-  dkjain44@yahoo.com

 
Reply   
 
under process

I am planning to open a  Website development company. We will not export the softwares CD out of India. Basically I will get projects from Freelancer.com, oDesk etc and take my money to my company bank account via PayPal. Do I need to apply for the IEC and DOT ?

The turnover will be around 3-4 lakhs per year. 

Please help 

Thanks in advance! 

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

IPC Grand Course     |    x