What Is the Full Form of IEC in Organisation?

The Full Form of ‘IEC’ in Organisation is ‘Importer – Exporter code’.

Full Form of IEC

The full form of IEC in organisation is Importer – Exporter Code. It’s a 10 digit code issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India to Indian entities engaging in international trade. It serves as an identification for the company when it comes to trading with foreign countries.

IEC was introduced as a measure to simplify and streamline the procedure for import-export business and to keep track of export-import activities taking place in India. It is mandatory for all exporters and importers registered in India to obtain an IEC before initiating any trading activities with other countries. This code acts as a virtual passport that allows traders to move goods across borders without any hassles or delays.

The application process for obtaining an IEC is quite simple and straightforward. All one needs to do is fill out the online form provided on the DGFT website, attach all necessary documents like Pan Card, registration certificate etc., submit it along with the requisite fee, and wait for approval from the authorities. Once approved, an IEC will be valid for five years after which it needs to be renewed.

Apart from serving as a unique identity number for Indian companies participating in international trade, IEC also acts as an indicator for Customs officials about the legal status of imported/exported goods at various ports or airports around the world. The code helps them identify whether or not goods have been declared properly by their importer/exporter counterparts and if they are compliant with certain laws and regulations associated with international trade operations.

In addition to that, IEC also acts as proof that a particular entity is eligible to take part in import/export activities in other countries without having to go through lengthy paperwork processes every time they wish to do so. Furthermore, many banks require this code while processing payments related to exports/imports done by Indian traders so that they can crosscheck their authenticity before authorizing any transactions made through them.

To conclude, IEC plays a vital role in making sure that all import-export operations conducted by Indian entities are done so within the framework of global trade laws and regulations set by different governments around the world. It serves as a unique identity number for companies operating in international markets and makes it easier for them to move goods across borders without any undue delays or obstacles caused by bureaucratic red tape or paperwork formalities involved with such transactions on both sides of the transaction i.e., importing country as well exporting country’s end.

---