Use of the import export code | Exim Intell

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• Whats the use of the import export code?
• In the world of foreign trade import and export
  business is known to be one of the most common
  and hot terms. This sector helps you by allowing
  your business to grow in a rapid manner.
  Moreover, this will also help in increasing
  global reach. the Economic infrastructure of a
  country is also dependent on this business as it
  helps in increasing a countrys economy by
  increasing the GDP. GDP stands for Gross Domestic
  Product.
• Some important criteria are there which are very
  much mandatory for the business of import and
  export. One of them is the IEC code which is the
  Import Export Code registration. It is known to
  be one of the most important requirements for a
  person or any other type of business that deals
  with the import and export business. The
  Director-General of Foreign Trade is responsible
  for issuing the Import-Export code for
  industries and commerce.
• What do you mean by Import Export Code?
• One of the best options for new people is the IEC
  or the Import Export Code. This is known to be
  one of the first steps of registration for the
  people who are engaged in the import and export
  of products and services. The Director-General of
  Foreign Trade issues the IEC code which is
  having a unique code of 10 digits. This is known
  to be one of the most necessary documents for
  the Import-Export business.
• A person can easily grow up the level of their
  business with the help of this IEC code. A
  business entity can use the IEC code once it has
  been issued and it is known to be the Import
  Export License. There is no need for the
  importer and exporter to renew or fill the issue.
  The IEC code is required by the importer who
  imports goods to its country and also to the
  exporter who exports its good from their country
  to another country. IEC is also required by the
  bank when there is a need for sending money
  abroad.
• Uses of Import Export Code
• Import Export Product Codes are essential for the
  person who are in this business as mentioned
  earlier. Ships carrying cargo play a major role
  in transferring the cargo or goods from one
  place to other and helps in importing and
  exporting goods. In order to unlock the corridors
  of the International economic and trade market
  IEC plays a major role. There is various use of
  this code as this is required by both importers
  as well as exporters. It is very important for an
  importer to clear the shipment from customs and
  here comes the role of the Import Export Code
  for the importers. Now for the exporters when
  they are responsible for exporting their items to
  other countries this code is asked by the
  customs. The major uses for this IEC Code are as
  follows-
• Expansion of business is known to be the first
  and foremost use for this Import and Export Code
  as this IEC plays a major role in assisting a
  businessman to take their services as well as
  product to the global market.

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• A company can easily avail of various benefits
  with the help of this Import Export Code from
  customs, DGFT (Director General of Foreign
  Trade), and export promotion council depending
  on the registration of IEC.
• Now for the exporters who get their payments by
  means of foreign currency and the transferring
  of money is taken place through the bank account
  of the exporter in a direct manner this IEC code
  is used.
• There is also an Import Export HS code which is
  being followed by 200 countries all around the
  world. In order to execute the international
  trade agency the most systematic method that can
  be used is the IEC HS code. This code is having a
  unique code of 6 digits which is given for any
  particular item that is to be imported or
  exported.
• Documents that are important for Import Export
  Code
• Before knowing about the uses of the Import
  Export Code it is very much essential to know
  about the documents that are required for
  receiving the license for Import Export Code.
  They are as follows-
• Pan Card copy for individual or Company.
• Rent of agreement of the premises or electric
  bill copy.
• Aadhaar card or Passport copy or Voters ID for
  an individual.
• An envelope that is self-addressed for registered
  mail delivery of the certificate of Import
  Export Code.
• Copies of cancel cheque of current bank account
  for firms, companies, or individuals.
• There are also various benefits that can be avail
  by the use of this Import Export Code and they
  are the expansion of business, no requirement for
  renewal, no return filing, simple processing,
  etc.
• Conclusion