Discuss the formalities involved in getting an export licence.

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Solution

Important formalities in getting an export licence are as follows:

(i) Opening a bank account in any bank authorised by the Reserve Bank of India (RBI) and getting an account number.

(ii) Obtaining Import Export Code (IEC) number from the Directorate General Foreign Trade (DGFT) or Regional Import Export Licensing Authority.

(iii) Registering with appropriate export promotion council.

(iv) Registering with Export Credit and Guarantee Corporation (ECGC) in order to safeguard against the risk of non-payments.

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