Import & Export

For the companies who want to export their good overseas, a proper license is necessary whose root is within the quality of import and export. This License comes in the form of a code, the Import Export Code. With this license, you have now the legal right to be able to import and export product to and from India. This is pretty much the only use of this code.

Taking your product or services to the international market will expand your businesses. But visualizing an import/export operation itself can be difficult for an uninitiated person, and her job is made more difficult by the various commercial jargons and legal procedures that international trade has. In this present article we shall deal with a small part of import and export, called Importer Exporter Code.

What is Importer Exporter Code (IEC)

The first requirement before you start an import/ export business in India is to obtain an IEC. An IEC is necessary for import/export of goods. In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in 'specified services' or 'specified technologies', i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns, etc.

IEC is not required under the following circumstances:

• Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
• Import/export by government ministries and departments, and certain notified charitable organizations.