IS AN IMPORT EXPORT CODE TIED TO A SPECIFIC BANK ACCOUNT?

 

The IE Code must be connected to any bank account used for international remittances or import/export transactions. There is no requirement that you use the bank you mentioned when you applied for your IE code as your transacting bank. If you start and manage some other accounts with any registered bank, make sure you register your IE code with that bank as well, because otherwise you’d was not able to file the paper for BRC release, which would be a government obligation for all EXIM business entities.

For receiving IEC as well as other registrations, the DGFT has established an online filing service. Basic information about the business and its proprietors, partners, or directors (as relevant), bank account information, and a bank certificate (where even the company has an account) specifying the time for which the company has an account in the bank are all required on Form ANF 2A.

It is indeed necessary to note that having a Permanent Account Number (PAN) is a criterion for getting an IEC. The sole PAN can only have one IEC assigned to it. The IEC given is true for all of the importer’s or exporter’s branches or factories, as the situation could be. Requests that are total in every way are typically discarded within two days.For practical purposes, you can provide for a week’s time (after factoring in the time required to make any changes in case your initial application is incomplete in some respect).

IEC Code Approval requires the following documents-

Individual’s or Firm’s or Company’s copy of PAN Card

Individual’s voter id or Aadhar card or passport copy

Individual’s or company’s or firm’s cancel cheque copy of current bank account

Copy of Rent Agreement or Electricity Bill Copy of the premise

A self-addressed envelope for delivery of IEC certificate by registered post

There are a few Steps involved to obtain Import and Export Code. All of those is mentioned below-

Application Process -Firstly you have to organise an application form in a specified format. Form ANF2A format and then file it with your specific Regional office of DGFT.

Document Procedure-In the second Step you have to prepare the required documents (mentioned above) and include all your particulars within it which includes your identity, your legal address proof with your bank details and certificate in place of ANF2A.

Application Filling Procedure – Once you have acquired all the required documents and have filled your application then one has to file DGFT through DSC i.e., Digital Signature Certificate and then pay the required fee for the IEC Registration.

IEC Code Approved -Now, at last your Import Export Code has been approved and you will receive it in a soft copy from the government.

 

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