What is Import Export Code?

 In India, an Import Export License, commonly known as the Importer-Exporter Code (IEC), is required for anyone wishing to import or export products or services from or to India. The IEC is granted by the Directorate General of Foreign Trade (DGFT), which is part of the Ministry of Commerce and Industry in India.
 

 The IEC's principal objective is to oversee and monitor international trade activity in India. The license assures that all importers and exporters follow the country's foreign trade policies, regulations, and laws. It also aids in preventing illicit imports and exports, which can affect the country's economy.
 

 To receive an IEC, an individual or entity must meet the following eligibility requirements:
 

Business Entity: The applicant must be a corporation, partnership, or single proprietorship.
GST Registration: The applicant must have registered for the Goods and Services Tax (GST).
** Permanent Account Number (PAN):** The applicant must possess a valid PAN.
Address Proof: The applicant must present proper address proof, such as a utility bill or a lease agreement.

 There are two kinds of IECs:
 

Basic IEC: This sort of IEC is issued for a set period of time, typically five years.
Special IEC: An IEC issued for a specific purpose, such as a product or service.