IEC is known as many names such as importer exporter code, import export code, import export license, import export number, IE code, IEC license, IE license etc. In simple terms, IEC is a 10-digit code which is provided by DGFT required for import export transactions. You can take IE code in your personal name or company name.
An IEC number issued to the applicant shall be valid for all its divisions, units, factories, and branches. IEC is valid for a lifetime, and there is no need to renew it.
A person’s IEC registration is required 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 the 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, and 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 importer’s IE code while sending money abroad. For exporters, the IE code must be quoted while sending shipments. And banks require the exporter’s IE Code while receiving money from abroad