Importer Exporter Code
Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.
Validity of IE Code
IE Code registration is permanent registration which is valid for life time. Hence, there will be no hassles for updating, filing and renewal of IE Code registration. It is valid till the business exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirement like annual filing.
As IE code registration is one-time and require no additional compliance, it is recommended for all companies and LLPs to obtain IE code after incorporation.
IE Code Exemption
An Import Export Code is required for import of any type of goods by a business. However, the following are category of persons are exempted from obtaining an IE Code:
- Importer and export by central government or agencies or undertakings for defense purpose or other specified list under Foreign Trade (exemption from application of rules in certain cases) Order, 1993.
- Import or Export of Goods for personal use.
Persons having import export code can apply for and obtain RCMC registration. Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorized by the Indian Government. The certificate is issued for five years by the Export Promotional Councils or commodity board in India. An exporter desiring to obtain an RCMC has to declare his mainstream business in the application. This application would be submitted to the Export Promotion Council/ Commodity Board relating to that line of business.