Exemptions of IE Code:
The import business compelled under by clause 3(1) (except sub-clauses (e) and (l)) and the export business comes under section 3 (20) (except sub-clauses (i) and (K)) of foreign trade rule order, 1993
- Ministries and departments come under the State or Central Government.
- The people import or export goods for personal use which not connected with the trade or manufacture or agriculture.
- Exemption mainly for the goods which related to Special Chemicals, Organisms, Materials, Equipment’s and Technologies (SCOMET)
- People export or import good from the nearby countries of China, Nepal, Myanmar, Indo-Myanmar border through the ports of Gunji, Namgaya, Shipkila and Nathula. It also depends on the CIF value of the consignment which not exceed Indian Rs.25,000.as exception Nathula port ranges up to Rs. 1,00,000/-
IEC REGISTRATION (Required Documents)
1. Proprietorship:
- Proprietor pan card
- Proprietor aadhaar card
- GST Certificate
- Company Current Account Cancelled cheque
- Email id & Mobile no
2. Partnership:
- Company pan
- Partnership Deed
- All partners Pan & Aadhaar card
- GST Certificate
- Company Current Account Cancelled cheque
- All partners Email id & Mobile no
3. Private Limited / OPC / LLP:
- Incorporation Certificate
- Company pan
- All directors Pan & Aadhaar card
- GST Certificate
- Company Current Account Cancelled cheque
- All directors Email id & Mobile no
Benefits of IE code
- Life time validity, there is no need for renewal
- No compliance
- Reduces the risk of Illegal transportation
- It is a chief legal license that makes the cross border transactions easy and legal.
- There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.