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Saturday, 12 May 2018

Quick Insights to IE Code


Import Export Code or IE Code is required for undertaking import or export transactions and availing benefits under Central Government Schemes. Any Entrepreneur who wishes to import something to India or export something from India requires an import export code. It has a permanent validity. There are certain benefits of this code. Though exporters need not necessarily apply for this code, however, they will miss out the otherwise provided benefits. Also, RBI is now making the mention of IEC code mandatory in bank account.This code generally comes in play when you decide to expand your business globally. Code can be obtained on your name(in case of proprietorship) or on your company’s name. IE Code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.

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