The document discusses the Importer Exporter Code (IEC), which is required for all businesses involved in import and export. An IEC is a 10-digit code that is valid for life. To apply for an IEC, individuals and companies must submit documents like PAN cards, identity and address proofs, photographs, and details of the business. The application will be filed in the required format with the Regional Authority of the Directorate General of Foreign Trade. If all documents are in order, the IEC will be ready within two business days.