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LICENCING PROCEDURE FOR EXPORT AND IMPORT
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LICENCING PROCEDURE FOR EXPORT AND IMPORT

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INTRODUCTION …

INTRODUCTION

Setting-up an export business requires basic documentation such as a Permanent Account Number (PAN card), Importer Exporter Code (IEC) from DGFT office and opening a bank account.
Other key factors include knowledge of trading systems, FTP and Industrial Policy, access to market information, ensuring product quality and compliance with export procedures & documentation.

Published in: Law, Business

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  • 1. LICENCING PROCEDURE FOR EXPORT AND IMPORT By Mohammed Asrar
  • 2. INTRODUCTION • Setting up an export business requires basic documentation such as a Permanent Account Number (PAN card), Importer Exporter Code (IEC) from DGFT office and opening a bank account. • Other key factors include knowledge of trading systems, FTP and Industrial Policy, access to market information, ensuring product quality and compliance with export procedures & documentation.
  • 3. PROCEDURE • An import export business license in India is called an IEC Code(import/export code). • It is a unique, 10-digit code issued by the government of India to registered Indian companies. • This code is provided by the Director General of Foreign Trade, or DGFT, which is part of the Ministry of Commerce. • The eligibility, legal provisions and other conditions for an IEC Code application is defined under the Foreign Trade (Regulation) Rules, 1993 stated by the Ministry of Commerce.
  • 4. contd • An application for granting an IEC Code number should be made by the organization’s Head Office or Registered Office, and to the nearest Regional Authority for the Directorate General Foreign Trade. • The applicant must fill up the ANF2A form, which will also state some documents that need to be attached with it during submission. • When there are BTP, EHTP or STPI units concerned, the DGFT regional office that has jurisdiction over the location of the STPI unit head office shall issue the IEC Code.
  • 5. contd • For each PAN number, there is only one IEC Code number issued. A proprietor who has more than one IEC Code number would have to surrender the extra ones to the Regional Office and cancel them. • The ANF2A form, which is short for Aayaat Niryaat Form • Apart from the ANF2A application form, you would also have to submit an Appendix- 18B form.
  • 6. Contd... • This form must be attested by the banker of the applicant, and must contain the applicant’s letterhead along with a passport size photograph. • The application fee is around Rs. 250. This fee has to be paid as a Demand Draft or Pay Order from a designated bank, drawn in the favour of Zonal Joint Director General of Foreign Trade. • The amount can also be paid through Electronic Fund Transfer from a bank nominated by the DGFT.
  • 7. contd • The application for an import and export license must be complete in all the specified areas as per the relevant provisions given by the policies. • The applicant also has to sign the application, according to paragraph 9.9 of the policy. • If there is any change in the information given in the ANF2A form, the import and export license holder has to intimate it accordingly to the Regional authority that issued the IEC Code number in the first place