IMPORT- EXPORT CODE

Import Export (IE) Code is basically a 10-digit code that is required for anyone who plans on importing or exporting goods and services from India to any other nation or vice-versa. So, in India if anyone is planning to import goods and service then they should have an IE Code & an exporter without an IE code who wishes to sell his goods and services outside India cannot avail various benefits of exporter friendly schemes which are put-forth by entities like export promotion council, DGFT & customs. IE Code is issued by DGFT, Ministry of Commerce and Industries, Govt of India. Moreover, DGFT stands for Directorate General of Foreign Trade.

For IE Code, you would have to submit an application to the DGFT along with all of the supporting documents. Once, you submit the application to DGFT, they will verify the submitted documents and if found correct would issue you the IE Code for the proposed entity is around 15-20 working days or less.

There are times and situations when you wont require an IE code, some of them are as follows:-

If you are a trader and you are registered under GST then you won't need IE code.
If you are importing or exporting Goods for personal purposes then you won't need IE code.
If you are importing or exporting for Government of India Departments & Ministries.
If you are importing or exporting for Notified charitable institutions.

Need of IE code and its benefits?

Either if you are importing any good or if you are exporting goods then in both cases you would need an IE code to clear the shipments.
Also, IE code would be needed by the bank for transferring the amount in the case of any imports made or if the exporter receives money in foreign currency for the exports made, and the amount is directly transferred into the bank account.