FAQ – Frequently Asked Questions about Import Export License in India
1. What is an import export license?
An import export license, also known as an IEC (Import Export Code), is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT). It is required for individuals or businesses engaged in import and export activities in India.
2. Who needs an import export license?
Any individual or business entity involved in import or export of goods and services in India needs to obtain an import export license. This includes manufacturers, traders, service providers, startups, and even individuals who wish to engage in cross-border trade.
3. How can I get an import export license in India?
To obtain an import export license in India, you need to apply to the DGFT online through their official website. The application process involves submitting the required documents, such as address proof, PAN card, bank account details, and a duly filled application form. Upon verification of the documents, the DGFT will issue the IEC within 2-3 working days.
4. What documents are required for an import export license application?
The documents required for an import export license application include proof of address (such as utility bills or rent agreement), proof of identity (PAN card, Aadhaar card, or passport), bank certificate or cancelled cheque displaying the applicant's name, and a digital photograph of the applicant.
5. Is it necessary to have a company to obtain an import export license?
No, you do not need to have a registered company to obtain an import export license. Even individuals can apply for an IEC in their name and conduct import-export activities.
6. How long does it take to get an import export license?
Once you submit the required documents and complete the application process, the DGFT typically issues the import export license (IEC) within 2-3 working days. However, the processing time may vary depending on the accuracy and completeness of the documents submitted.
7. How long is an import export license valid for?
An import export license in India is valid for a lifetime, unless it is suspended or canceled by the authorities due to non-compliance with the regulations. This means that once you obtain the IEC, you can use it for all your import and export transactions without the need for renewal.
8. Do I need to renew my import export license?
No, there is no need to renew an import export license in India. Once it is obtained, it remains valid for a lifetime, unless it is suspended or canceled.
9. Can I use a single import export license for multiple businesses?
Yes, a single import export license (IEC) can be used for multiple businesses. As long as the activities fall under the prescribed guidelines of the license, there is no need to obtain separate licenses for each business venture.
10. Can an import export license be canceled?
Yes, an import export license can be canceled by the DGFT if the licensee is found to be involved in any illegal or unethical activities, or fails to comply with the regulations set by the government. It is important to adhere to all the rules and regulations to ensure the license remains valid.
