Registration to get IE Code Number:
A citizen or a company starting a business for International trade has to Register the Company with the Director of Foreign Trade under the Ministry of Foreign Trade, to obtain an IE Code number, then only one can export materials to other countries and import materials from other countries to India.
Before 1997, it is essential to obtain this I.E Code number from the Reserve Bank of India, for every first time exporter for his export operations. Later, this work being done by Director General of Foreign Trade under the Ministry of Foreign Trade, Govt.of India.
DGFT provides every exporter an unique Import Export Code Number. IE Code Number is a ten digits code required for the purpose of export as well as import. No exporter is allowed to export his goods abroad without IEC number.
Exceptions are there for export to Nepal, Myanmar to China through Gunji or Nathuala ports.If the CIF value of a single consignment does not exceed Indian amount of Rs. 25,000 /-there is no need to obtain IE code number for export to the above destinations.
Benefits of Import Export Code (IEC)
On the basis of IEC, companies can obtain various benefits like incentives, drawbacks facilities on their Exports/Imports from DGFT, Customs, Export Promotion Councils etc.