Here are the uses and the benefits of IEC code listed out for you that answers what are the benefits of IEC code so read and learn.
Understanding The IEC Code and Its Benefits
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| Uses and Benefits of IEC Code |
To understand the benefits of IEC code and uses of IEC code you must know what is IEC code and why its used so we have explained below.
Before starting any kind of import/ export business globally, you must actually follow several procedures and the main business laws and get all the type of different registration and license.
IEC (Import Export Code) license is one of such very very main prerequisite when you’re actually thinking of starting importing or exporting from the land of India.
Import Export Code is mainly required by anyone and we mean any one literally who is looking to actually go on and kick-start his/her import/export business in India. It is generally issued by the Director General of Foreign Trade.
Import Export Code is mainly a basic 10-digit code which has a certain base lifetime validity. Mainly all the in region importers merchant cannot import goods without the use of Import Export Code and similarly, the main exporter merchant cannot avail any kind of basic benefits from Director General of Foreign Trade for the basic export scheme, etc. without the registration of IEC.
So now you know the uses of the IEC code so let us look at the main benefit of IEC code.
IEC is important for multiple reason
The use of IEC code is mainly required by the customs department in the general order to import or export your goods at the outer border.
Financial institutions and other banking firms require it at the time of an B2B or B2C international transaction through a categorized financial institution.
When a main trader deposits any kind of foreign currency in its bank, the bank then mainly requires the IEC code to process the overall transaction.
What Are The Benefits Of IEC Code?
It lets you do all types of trade internationally.
It is in general a basic lifetime code unless it is canceled by the authorities or you.
There aren't any kind of compliance issues for the basic IEC registration.
There is no large hefty unnecessary maintenance fee.
No need to file the base return.
If you don't have an generalized and authorized IEC code, it is impossible for you to do any kind of import and export trade beyond your region or country's boundaries.
So these are some of the basic benefits of IEC code that you know now about.
So how to get Your own IEC code?
It’s actually very pretty simple and hardly takes more than 30 minutes.
*Visit the main Directorate General of Foreign Trade site and click on the Apply for new IEC.
*Now add your/company’s PAN number and then your basic application process starts.
Fee mainly charged is starting from Rs.500.
This process is more simple than opening a new gmail account.
This is all on Benefits of IEC code thanks for reading.
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