Import and export

Import and export or import/export may refer to:

• Import and export of goods
  • International trade
  • Import/export regulations, trade regulations of such goods
  • Import/export tariffs, taxes on the trade in such goods
• Import and export of data in computing, the moving of data between applications
  • Import and export of formats, data conversion from one file type to another
• Import/Export, a 2007 Austrian film
• An import statement used as a form or analog of an include directive in some programming languages

Import Export Code (IEC) India

Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation.It is assigned to an individual/company and is required for every import/export operation. The DGFT is in charge of issuing import export codes. DGFT stands for Director General of Foreign Trade. Importer Exporter Code is the full form of IEC, although it is more commonly known as import export code. The first step in expanding a business abroad is to export and import products & services. Trading not only helps the business personnel individually but also provide benefits to the Country as well. The government has prioritized trade facilitation in order to reduce transaction costs and time.

The various provisions of the Foreign Trade Policy and measures taken by the government in the direction of trade facilitation have been consolidated for the purpose of import and export trade. The most important aspect of a company's success is growth. Expansion of business globally could be the very first step towards this. Import Export Code Renewal every year is mandatory now for IEC License holders.

Import Export Code Renewal

Import Export Code requires renewal every year during April-June period. Failing to do so will result in deactivation of the IEC license. Earlier it was not needed to renew each year.

But on 12 February 2021, Central Government made amendments in Import Export acide related provisions under chapter 1 and 2 of Foreign Trade Policy. This amendments made updation of IEC code details mandatory for all IEC or e-IEC holders on DGFT portal each year.