Question

Write short notes of the following.

IEC number.

Answer 1

An ‘IEC number’ refers to the ‘Importer Exporter Code’ number. It is a 10-digit number granted by the Directorate General for Foreign Trade (DGFT) to an import/export firm, depending upon the firm’s credibility. In order to obtain this number, an export or import firm submits an application to the DGFT or the Regional Import Export Licensing Authority along with documents and information, such as the profile of the importer or exporter, fee receipt from a bank, non-resident’s interest details, certificate from the banker on the prescribed form, two photographs attested by the banker and a declaration about the applicant’s non-association with firms placed in the caution list. Once the final submission is done and authenticated, the DGFT or the Regional Import Export Licensing Authority issues an IEC number to the importer or the exporter, which helps the firm concerned in availing the benefits granted by the DGFT to importers/exporters.