An Import Export Code (IEC) is a key business identification number that is mandatory for the export and import of goods and services from India. It is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. Here’s a detailed overview of the IEC:Purpose of IEC Import and Export: The primary purpose of an IEC is to allow individuals and businesses to engage in import and export activities.Customs Clearance: IEC is required for customs clearance of goods.Financial Transactions: It is necessary for remittances and payments through banks related to imports and exports.Registration with Export Promotion Councils: Many export promotion councils and commodity boards require IEC for membership and benefits.   Features of IEC Unique Identification: IEC is a unique 10-digit code, valid for the lifetime of an entity.No Renewal Required: Once issued, IEC does not require any renewal or filing.Mandatory for Foreign Trade: All exporters and importers must obtain an IEC. Application Process for IEC Prepare the Documents: The required documents include:PAN card of the individual or business entityIdentity proof and address proof of the individual or directors/partners of the business entityBank certificate or a cancelled cheque of the entityDigital photograph of the applicant Online Application:Visit the DGFT website.Register as a user on the DGFT portal.Fill in the online application form (ANF 2A).Upload the required documents. Payment of Fee: Pay the prescribed application fee through the online mode. Submission and Verification: Submit the application. The DGFT will verify the application and, if all details are correct, issue the IEC. Usage of IEC At Customs: For clearing shipments and goods through customs.At Banks: For remitting funds abroad or receiving funds from abroad.For Government Schemes: To avail benefits and incentives provided under various government schemes for exporters and importers. Exemptions from IEC Certain entities and activities are exempted from needing an IEC: Ministries and departments of the Central and State Governments.Persons importing or exporting goods for personal use not connected with trade or manufacture.Importers and exporters of goods and services in specific categories notified by the DGFT. Conclusion An Import Export Code is essential for any individual or business entity involved in international trade in India. The process of obtaining an IEC has been streamlined through online applications, making it easier and faster for businesses to comply with foreign trade regulations.