Indian trade Archives

Indian Trade policy: IEC Introduction With over $34.8B of export business and over $58.2B of import trading has been a very important part of India's GDP. The trading business has boomed a lot in India and every day new entrepreneurs are being introduced in this sector. Exports are accountable for 18.09% of the GDP and imports stand at 18.39%. With such vast coverage trading business in India plays a very big role in the country's growth. As the trading business is so big in India we need a policy to guide all of the operations and with that purpose Indian Trade Policy has been formed and any new rule when introduced affects the working of a lot of organizations as they have to comply with the new rules and modify the working modules. If you are into any trading business and you don't know about the Indian Trade Policy and the Import-Export code policy please read this article carefully so that you don't miss out on any important updates which may be very necessary for your trading business. We are going to understand what role IEC plays in the Indian trading policy, implications of IEC on businesses and the impact of IEC on businesses. What is IEC? IEC is a part of Indian Trade Policy and IEC (Import-Exporter code) is a 10-digit identification number that is issued by DGFT (Director General of Foreign Trade) which is used whenever you have any import or export operations. This code is used every time you perform an operation related to your trading business. IEC is just a code which is used for tracking all your operations related to your trading business. This is a universal code for both imports and exports, so once you get an IEC generated you can perform both import and export. When is IEC required? IEC is required in the below-stated cases: When an importer wants to get his goods cleared from customs he will need an IEC. When an importer sends money abroad through banks he needs an IEC to complete the transaction. When an exporter wants to send his goods he needs an IEC to get cleared through customs. When an exporter receives money in foreign currency in his bank account he will need an IEC to complete the transaction. Why IEC was introduced? IEC was introduced because DGFT wanted a single unified code which could be used for tracking all the trading business operations happening in India. As a single code is used everywhere for all import and export operations, tracking has become very easy. IEC was also introduced so that the illegal import-export businesses could be controlled as no transactions are allowed without having an IEC code so the illegal businesses could be shut down easily. Functions of IEC 1. Tracking import operations: IEC is issued when your organization is registered with DGFT and when you get registered with DGFT then you give DGFT the authority to track all of your operations. So whenever a trading organization imports something from foreign countries it is tracked by DGFT using IEC. 2. Tracking export operations: As the organization is registered with DGFT for IEC. Whenever a trading organization exports something to foreign countries it is tracked by DGFT using the IEC code of that organization. 3. Identifying Illegal operations: As no trading business is allowed to carry out their operations without getting registered with DGFT so if any illegal operations are being carried out they can be easily tracked and stopped. What is the impact of IEC on businesses? IEC impacts any import-export business in a good way as it helps the organization to create a smooth workflow. Since no organization can carry out trading operations without getting registered with DGFT and obtaining an IEC certificate from them, DGFT works in a very systematic manner so it helps the organization to mark their operations very well as reports are prepared for every operation. Overall IEC helps any trading business to grow better by working properly. What are the Implications of IEC on businesses? There are various implications of IEC on businesses like: 1. Tracking import operations 2. Tracking export operations 3. Tracking bank statements 4. Tracking foreign payments Conclusion IEC plays a very big role in Indian trading policy as it helps DGFT to track all the trading operations being carried out by different organizations. IEC have a positive impact on businesses and helps them to grow better and help in their smooth functioning. So IEC is the foundation of Indian trading policy as no trading operations are carried out without getting an IEC certificate.

For Indian Entrepreneur

For Foreign Entrepreneur

Special Entities

Tax Registrations

Other Registration

Returns

Annual Filings

Change Services

Closure

Legal Drafting

Special

Trademark

Copyright

Patent

Designing & Marketing

Blog

IEC in Indian Trade policy

Hi, Welcome to EbizFiling!

HOME

POLICY

RELATED LINKS

CONNECT WITH US

TOP 3 READS

GST Compliance Calendar with Due Date for FY 2025-26

Role of IEC in International Trade: Future Trends

LLC vs INC : Difference between LLC and INC

Secure Payment Modes

Company Registration in Ontario, Canada
FSSAI Licence Modification
FSSAI License Renewal
Private Limited Company
US payroll services in India
UK Business Outsourcing Process in India
File CRF Form to change Master Data on MCA
Reply to Notice Under Section 148 of Income Tax Act
Reply to Notice u/s 143(2) of Income Tax Act for Scrutiny Assessment
Reply to Intimation Notice under section 245 of Incone Tax Act
Reply to Defective Notice u/s 139(9) of Income Tax Act
Reply to Income Tax Notice u/s 143(1)(A) for Prima Facie Adjustment
Reply to intimation notice of Section 143(1) of Income Tax Act
Reply to Income Tax Notice Under Section 133(6)
Corporate Legal Advice
LEI Code Registration
Employee Background Verification
US Business Solutions and Outsourcing Services in India
LLC Annual Compliances in Wyoming, USA
LLC Annual Compliances in Florida, USA
E-RCMC Registration under EPCES in India
Annual Filing & Bookkeeping & Accounting Service for Partnership Firm
ITIN Registration in the USA
Offshore Staffing Services in India
SEO Services in India
Content Writing Services in India
File Form 10BD Online under Income Tax Act
Annual Filing For Trust in India
Register a company in India from UK
Register a company in India from Germany
Register a company in India from France
Register a company in India from US
LLC Annual Compliances in Delaware, USA
Register a company in India from Canada
Register a company in India from UAE
Register a company in India from Singapore
Register a company in India from Australia
Company Registration in Indiana
Company Registration in California
Company Registration in New Mexico
Company Registration in New York
Company Registration in Texas
Company Registration in Wyoming, USA
Register Company in Florida, USA
Company Registration in Delaware
Annual Filing & Book-keeping & Accounting Service for Proprietorship Firm
Wall Designing
Virtual Office in India
Form 15CA Online Filing – Income Tax
NGO Darpan Registration
Overseas Direct Investment (ODI) through Automatic and Approval Route
HR Hiring and Recruitment Services in India
FLA Return Filing Online to RBI in India
APEDA (RCMC) Registration in India
ROC Annual Compliance for Producer Company
ROC Annual filing for Section 8 Company
ROC Annual filing for Public Limited Company
FCRA Registration Online in India
File Form CSR 1 online
Appeal to CIT- File an Appeal to Commissioner to Income Tax
Reply to Scrutiny Assessment Notice u/s 143(3)
Reply to Income Tax Notice- Know How to Respond to IT Notices
Surrender IEC License Online in India
भारत में कंपनी पंजीकरण / रजिस्ट्रेशन
Drop-Shipping Business in India by Foreigners
OPC Registration in India by an NRI
Company Registration in India- Know how to open a Company in India
Creation of Charge
LLP Registration in India by an NRI
Company Registration in India by an NRI
Right Issue of shares / Right Offerings
Renewal of IEC License
Application for the Extension of Name Reservation
Digital Marketing Services
Company Annual Filings in XBRL filing mode in India
12AA & 12A Registration Process
Trademark Registration / Brand Registration in the USA
Trademark Registration / Brand Registration in UK
Trademark Registration / Brand Registration in Malaysia
Strike Off Company
Payment of TDS return on purchase of property (form 26QB)
Business Advisory Services
Limited Liability Partnership Registration in Mumbai
Limited Liability Partnership
File ROC Form DPT 3 Return of Deposits
Income Tax Returns Filing
ROC Annual Return Filing for Pvt Ltd Company
MCA Companies Fresh Start Scheme
LLP Annual Return Filing
MCA LLP Settlement Scheme 2020 (LSS 2020)
DIR 3 E KYC
ISO Certification in India
Run your operations / company in India without any liabilities
Add A Director
Accounting and Compliance Services for Start ups, Small companies, LLP and OPC (Micro Retainership Services)
Foreign Direct Investment through Automatic and Direct Route
A Quick guide to company registration in Bangalore
Apply for FSSAI license or Food license in India
Dormant Company Status Application
Trademark Registration in India
Conversion From Registered Partnership To LLP
Conversion From Registered Partnership To Private Limited Company
Change in Registered Office of LLP
Company Registration in USA
Company Registration in Malaysia
Company Registration in UK
Logo Design Services
Conversion of Private Limited Company to OPC
Opening a Branch in India by a Foreign Company
Nidhi Company Annual Filing
One Person Company (OPC) Registration in Mumbai
IEC Registration in Mumbai
Trademark Registration in Mumbai
Private Limited Company registration in Mumbai
Form GSTR 1
Maharashtra Professional Tax
Premium Retainership Services in India
MicroFinance Company registration
Conversion of Section 8 Company to Private Limited Company
DPIIT Startup Recognition certificate
RBI Form FC-GPR
Charge Registration on property
RBI Form FC-TRS
EPF Registration
PAN Application
Digital Signature
IEC Registration
TAN Application
DIN Application
GST Registration
Nidhi Company
Producer Company
Hindu Undivided Family (HUF), HUF Deed
Sole Proprietorship Firm Registration
Public Limited Company
E-Commerce Business
One Person Company (OPC)
Partnership
Indian Subsidiary
Non Profit Organization
GST Returns
CMA Report Preparation
E-Form Commencement of business certificate(form-20a)
Private Limited Company Registration
Startup Advisory Services
One Person Company (OPC)
Private Limited Company Registration
Income tax section 80g(5) registration
Company Registration Process in India for Foreigner- Know How to Open a Company in India
Secretarial Compliance Services
Search Report ROC
Revival of Struck Off Company
Trademark Watch Services
One Person Company (OPC)
Limited Liability Partnership
GSTR 9C filing by CA- GST Annual Audit due date, GSTR 9C FAQs
Tax Consultancy Services
International Trademark Registration Under Madrid Protocol
Surrender of DIN
Trademark Registration Process
LLP Registration Procedure – copy
LLP Registration Procedure – copy
Online LLP Registration and Complete Procedure
Aadhaar Udyog Online Registration
New Form INC-22A
FIND GST RATE, HSN CODE & SAC CODE
Company Registration in India
Hire Purchase
Contract Manufacturing Agreement
Web Development Agreement
Sole Selling Agreement
Underwriting Agreement
Mortgage Deed
Agreement Appointing A Common Arbitrator
Deed of Wakf-Alal-Aulad
Specific Power of Attorney
Foreign Collaboration Agreement Drafting
Joint Venture Agreement
Non- Disclosure Agreement
Franchise Agreement
Agreement to Sell Business
Vendor’s Agreement
Exclusive Distributorship Agreement
Shareholders Agreement
Consumer Complaint Letter
Power of Attorney
Company Name Change
Appointment of Auditors
Removal/Resignation of Director
GST Cancellation
GST LUT Letter of Undertaking
Conversion from Private Limited Company to Limited Liability Partnership (LLP)
Business Plan Preparation (Project Report)
Book-Keeping & Accounting
Trademark Renewal
Trademark Opposition
Trademark Rectification
Trademark Withdrawal in India
Payroll Setup & Processing
ESI Returns
PF Returns
TDS Returns Revision
Removal of Charge
Modification of Charge
MOA/AOA Printing
MOA/AOA Amendment
IEC Modification
Change of Registered Office Address
OPC to Private Limited Company
Conversion of Sole Proprietorship to OPC
Sole Proprietorship to Partnership firm
Conversion from Proprietorship to LLP
Conversion of Proprietorship to Private Limited Company
Conversion of Public Limited Company to Private Limited Company
Private Limited Company to Public Limited
Conversion of Partnership to Private Limited Company
Conversion of LLP to Private Limited Company
Conversion of Partnership to LLP (Limited Liability partnership)
Del Credere Agreement
Lease deed
TDS Returns
Strike Off OPC
Dissolution of Firms
Strike Off LLP
ESIC Registration
GST Modification
OPC Annual Filing
SSI/MSME/Udyog Aadhar Registration
Share Transfer & Transmission
Change in DIN
Add/Remove a Partner in LLP
LLP Name Change
Change in LLP Agreement
Increase in Authorized Capital
Change in Directorship
Patent Registration
Patent Search
Provisional Patent
Copyright Application
Trademark Assignment
Trademark Objections
Trademark Registration
Trademark Registration – copy
Limited Liability Partnership
Conversion into LLP