India joined the IEC in 1911, and the then-Indian Standards Institution (now BIS) took over the responsibility of the Indian National Committee of IEC (INC-IEC) from the Institution of Engineers in 1949. Since then, the INC-IEC has been actively involved in the IEC’s operations, both at the policy and technical levels, as well as carrying out its duties as a member body of the IEC. India is a member in Standards Management Board (SMB) of IEC since 2015 and has been elected for the second term 2018-2020.
In the IEC, India is a participating member in 92 Technical Committees and an observer member in 74 Technical Committees. Six IEC committees have India as the convener. Participation in IEC work is achieved by delegations of experts attending committee meetings, commenting on documents, and voting on documents using an electronic voting system. India holds the Chairmanship of the IEC Systems Committee on ‘Low Voltage Direct Current (LVDC) and LVDC for electricity access’ and of IEC/TC 33 ‘Power capacitors and their applications’.
It is important for any business that deals with imports and exports to apply for Ice floe. This is the pass that allows you to approve imports and exports. If some form of service or technology is included in the import/export, the IEC will only apply if it defines “Defined Facilities” or “Specified Technologies. “This happens when services or technologies are restricted by the Government of India as they connect with national security and deal with nuclear weapons, automatic guns etc.
Why is it important to apply IEC?
For the Expansion of Business- Through IEC one can expand their business or Enterprise globally in an authorized manner.
Number of Benefits- There are a number of benefits applicable if you apply IEC. For example, import/ export from DGFT, Export Promotion Council, Customs etc on the accordance of their IEC registration.
No need to fill Returns-You do not have to fill any returns. Once you are allotted with it there is no Use to go on with any type of processes for sustaining validity. Even with export transactions, there isn’t any requirement for filling returns with DGFT.
Handy Processing – It is very convenient to obtain IEC code from the DGFT within a time period of 10-15 days after submitting the application. Also, there is no need to provide any proof of any export or import for getting IEC code.
There is no requirement for renewal as IEC is applicable for lifetime of an entity. After you obtain it you can use it with every export and import transactions.
Situations in which IEC is Used?
When the importer has to clear his shipments from the customers then it is required by the customs authorities.
When money is imported by the person via banks then the banks are required with IEC.
Its applicable at the Custom port when an exporter has to send his shipments.
It is applicable by the bank when an exporter receives money I foreign currency directly into his bank.