Import Export License

Import Export License in BiharImport-Export license is a legal permit issued by the government to businesses in India to engage in international trade. Bihar is a state in India where import-export activities are carried out by various businesses. In this context, an import-export license is necessary for businesses in Bihar who want to participate in international trade.

Meaning and Definition: An import-export license is a legal document that allows businesses to participate in international trade. It is issued by the Directorate General of Foreign Trade (DGFT), which is a department under the Ministry of Commerce and Industry in India.

Legal Provisions: In Bihar, the legal provisions for obtaining an import-export license are governed by the Foreign Trade (Development and Regulation) Act, 1992, and the Foreign Trade Policy, 2015-20.

Rules: The rules for obtaining an import-export license in Bihar are as follows:

  1. The applicant must be a registered business entity under the Companies Act, 1956 or 2013.
  2. The applicant must have a valid Permanent Account Number (PAN) and Tax Identification Number (TIN).
  3. The applicant must have a bank account with a recognized bank in India.
  4. The applicant must submit the necessary documents and pay the requisite fee to the DGFT.

Types: There are two types of import-export licenses in Bihar:

  1. IEC (Importer Exporter Code) – This is a mandatory license for businesses engaged in import-export activities. It is valid for the lifetime of the business.
  2. RC (Registration Cum Membership Certificate) – This is a voluntary license that provides additional benefits to businesses engaged in import-export activities. It is valid for five years.

Advantages: The advantages of obtaining an import-export license in Bihar are:

  1. It allows businesses to engage in international trade.
  2. It makes it easier to obtain various government benefits and subsidies.
  3. It enhances the credibility of the business in the international market.
  4. It facilitates the smooth clearance of goods at customs.

Disadvantages: The disadvantages of obtaining an import-export license in Bihar are:

  1. The application process can be time-consuming and complex.
  2. There is a fee associated with obtaining the license.
  3. Failure to comply with the rules and regulations can result in penalties and legal action.

Documents Required: The documents required to obtain an import-export license in Bihar are:

  1. Application form duly filled and signed.
  2. Copy of PAN card.
  3. Copy of TIN registration certificate.
  4. Copy of bank account details.
  5. Copy of identity proof of the proprietor/partners/directors.
  6. Copy of address proof of the proprietor/partners/directors.
  7. Copy of the constitution of the business entity (Memorandum of Association/Partnership Deed/Articles of Association).
  8. Copy of the cancelled cheque of the bank account of the business entity.
  9. Two passport-size photographs of the proprietor/partners/directors.
An IEC number gave to candidate will be substantial for every one of its divisions/units/industrial facilities/branches. IEC is substantial for lifetime and there is compelling reason need to reestablish something very similar. All organizations which are occupied with Import and Export of merchandise require enrolling Import Export Code.

Except if the substance holds IEC, it isn’t permitted to import or commodity merchandise/administrations into the unfamiliar market. Entering the global market and extending the extent of business is a key. With IEC, one can take their items or administrations to the worldwide market and grow business easily.

 
What is an Import Export Code?

 

Import Export license in Bihar-IEC Code registration in Bihar

Import Export Code (in short IEC Code) is a ten-digit number conceded by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, to any bonafide individual/organization for doing import/send out tasks.

Renewal of an IEC license


This has been as of late refreshed by the DGFT that each IEC holder will expect to guarantee that the subtleties of his/her Import Export code should be refreshed electronically consistently during April to June.

In any event, when there are no progressions during a year, similar should be affirmed web-based consistently.

IEC Documents In Respect Of Individual/Proprietor/Partner/Director
Duplicate of PAN Card
Visa size photo
Duplicate of Aadhaar Card/Voter character card
Approval letter (if there should arise an occurrence of Partnership)
Authority from different Directors on letter head (if there should arise an occurrence of organization)
Duplicate of Partnership deed (in the event of Partnership)
Board Resolution/self statement (in the event of Company)
Phone Bill for the sake of the Individual (in the event of person)
Dropped check of person
Steps to Apply Import Export Code

One can record the IEC application straightforwardly with the public authority. The cycle is long and requires 60 days to get finished:

Stage 1: Application Preparation In request to get code an application should be made in the Aayaat Niryaat Form 2A arrangement to the DGFT in that locale where the enrolled office of the organization is laid out. Government has likewise organized web based recording office for acquiring IEC CODE ONLINE.

Stage 2: Application Processing Details of the business and its owners, chiefs or accomplices, ledger subtleties and a bank declaration are the fundamental necessities of ANF 2A. Every one of the necessary reports for IEC should be submitted with ANF 2A. Computerized mark is expected on the ANF2A structure.

Stage 3: IEC charge installment once the application if complete, it ought to be documented with DGFT and an application expense should be paid to the public authority. IEC office might send back your application for remedy/change. You want to answer back to the DGFT in 15 days.

Stage 4: IE Code Issuance once the application is totally confirmed by the office, the Directorate General of Foreign Trade will apportion an IE Code for your business. This IE code comes in both delicate duplicate and printed copy. You get the softcopy by means of email and can begin the import send out exchange with this.

Situations where Import Export Code (EIC) isn’t required

As per the most recent roundabout gave by the public authority, IEC isn’t compulsory for all dealers who are enrolled under GST. In every single such case, the PAN of the dealer will be interpreted as new IEC code with the end goal of import and product.

Import Export Code (IEC) isn’t expected to be taken in the event that the merchandise traded or imported is for the individual purposes and isn’t utilized for any business reason.
Send out/Import done by the Government of India Departments and Ministries, Notified Charitable foundations need not need getting Import Export Code.
In the event that you are hoping to extend your market and go past nation lines and product/import, contact our specialists and know all customs you really want to traverse. You can benefit all administrations, for example, GST enrollment, business enlistment and so forth.


Frequently Asked Questions:

Q. What amount of time is expected to require for IEC ?

Ordinary opportunity to enroll an Importer/Exporter Code in India is 10 working days time.

Q. Could Export/Import be made without Importer Exporter Code?

No. IEC structures an essential report for acknowledgment by Govt. of India as Exporter/Importer. Be that as it may, assuming worth of merchandise is exceptionally low, the concerned traditions official might allow first commodity (just a single time) by forcing corrective charges.

Q. Do I really want Digital Signature?

Advanced mark is utilized to approve online report accommodation. From first April, 2016, it is compulsory to approve the structure and different reports utilizing a computerized signature.

 

Import Export License: An Import Export License is a legal permit issued by the government to businesses in India to participate in international trade. It is mandatory for all businesses engaged in import and export activities to obtain an Import Export License or IEC. The Directorate General of Foreign Trade (DGFT) is the department responsible for issuing these licenses. The license is issued in the form of an 10-digit code known as IEC, which is unique to each business.

Import Export Code: Import Export Code (IEC) is a unique 10-digit code issued by the DGFT to businesses engaged in import and export activities. It is a mandatory requirement for all businesses that want to participate in international trade. The code serves as a unique identification number for businesses engaged in import and export activities. The code is valid for the lifetime of the business and does not require any renewal.

Advantages of Import Export License and IEC:

  1. International Trade: Import Export License and IEC allow businesses to engage in international trade by facilitating the import and export of goods and services.
  2. Government Benefits: Import Export License and IEC enable businesses to avail various government benefits and incentives such as export promotion schemes, export credit, and duty drawback.
  3. Credibility: Import Export License and IEC enhance the credibility of the business in the international market.
  4. Easy Customs Clearance: Import Export License and IEC facilitate the smooth clearance of goods at customs by providing necessary information to the authorities.

Documents required for Import Export License and IEC:

  1. Application form duly filled and signed.
  2. Copy of PAN card.
  3. Copy of TIN registration certificate.
  4. Copy of bank account details.
  5. Copy of identity proof of the proprietor/partners/directors.
  6. Copy of address proof of the proprietor/partners/directors.
  7. Copy of the constitution of the business entity (Memorandum of Association/Partnership Deed/Articles of Association).
  8. Copy of the cancelled cheque of the bank account of the business entity.
  9. Two passport-size photographs of the proprietor/partners/directors.

In conclusion, an Import Export License and Import Export Code (IEC) are important legal documents that enable businesses to participate in international trade. It is mandatory for businesses engaged in import and export activities to obtain these documents. The process of obtaining an Import Export License and IEC involves submitting the necessary documents to the Directorate General of Foreign Trade (DGFT).

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