What is Import Export Code (IEC)? How to Apply for IEC License in 2025? 📜 | By Rajnish Sir | CIES

Summary

This video offers a step-by-step guide on obtaining an Importer-Exporter Code (IEC) for anyone looking to start an export-import business in India. It covers the importance of the IEC, how to apply for it through the Directorate General of Foreign Trade (DGFT) portal, the associated costs, and its lifetime validity. Additionally, the video highlights the flexibility of the IEC, allowing you to export or import any product. Viewers are also encouraged to enroll in a 7-day online training program to learn how to build a successful export-import business.

Takeaways

• 😀 The Importer-Exporter Code (IEC) is a crucial document required for importing and exporting products in India.
• 😀 The IEC can be easily obtained from the Directorate General of Foreign Trade (DGFT) website.
• 😀 The cost of obtaining the IEC is approximately ₹500 to ₹1000, which is the government fee. However, if you use a consultant, the cost may rise to ₹2000.
• 😀 The IEC is a lifetime license, but it requires periodic updates, which can be done free of charge between April and June each year.
• 😀 You can update your IEC details (such as bank details, company name, etc.) anytime by paying a nominal fee.
• 😀 The IEC can be used for exporting and importing all types of products under the same license.
• 😀 When applying for the IEC, ensure that you select all the products you might want to export or import in the future.
• 😀 The procedure to apply for IEC includes registering on the DGFT portal, filling in your firm’s details, and verifying your application via OTP.
• 😀 The validity of the IEC is indefinite, and it remains valid until you update or make changes to the details.
• 😀 There are online training programs available for learning how to start an export-import business, including step-by-step guidance on finding buyers, handling payments, and shipping.

Q & A

What is an Importer-Exporter Code (IEC)?

The Importer-Exporter Code (IEC) is a unique code required for importing or exporting products in India. It acts as a license, allowing individuals or companies to carry out export and import activities.

How can one apply for an Importer-Exporter Code?

You can apply for an IEC through the Directorate General of Foreign Trade (DGFT) website. The process involves registration, filling out necessary details, and submitting the application with the required fee.

What is the fee for obtaining an Importer-Exporter Code?

The government fee for obtaining an Importer-Exporter Code is ₹500, but if you opt for the help of a consultant, the cost may be around ₹2,000, including some additional services.

What is the validity of the Importer-Exporter Code?

The Importer-Exporter Code is valid for a lifetime. However, it requires an update once every year, specifically in the months of April, May, or June, for OTP verification and data validation.

What products can an Importer-Exporter Code be used for?

An Importer-Exporter Code can be used for any product that you wish to import or export. There is no need to obtain separate licenses for different products, as the same IEC can be used for all types of goods.

How do you update the Importer-Exporter Code details?

You can update your IEC details, such as mobile number, email ID, company name, or bank details, by verifying them through OTP on the DGFT portal. This update can be done for a nominal fee if you miss updating in the specified months.

What happens if you miss updating your Importer-Exporter Code in the recommended months?

If you miss updating your IEC in April, May, or June, you can still update it later in the year, although you will need to pay a nominal fee.

Is a separate Importer-Exporter Code required for different products?

No, a single Importer-Exporter Code is valid for all types of products. Whether you are exporting one product or multiple, you don’t need to obtain separate licenses for each product.

What is the step-by-step process to apply for an Importer-Exporter Code?

The process involves registering on the DGFT portal, providing details about your firm, bank account, and other necessary information. After that, you verify the application using OTP, pay the fee, and submit your application.

How can someone start their own export-import business based on the information shared in the video?

The video mentions a 7-day online training program that teaches individuals how to start their own export-import business, including finding buyers, managing payments, and shipping goods. Interested individuals can enroll in the training by contacting the provided contact details.