With the growing economic relations of India with the developed countries across the globe, the interest in Export and Import businesses in the country is also growing. Today, more people are doing import and export businesses in India than the past. But for import and export of goods, in India, one needs to obtain an Import Export licensing from Local Licensing authority. And until he/she will not receive an Import Export code from regional licensing authority, the latter will not allow clearance of goods at any cost.
How to get IE code in Delhi- legal formalities and requirements
You will need Import export code in Delhi while dealing with any product which is not freely importable in this country. You can import or export all goods except some products regulated by the laws applicable in this country. You should know that Import and export System of India is governed by Export Import (EXIM) Policy of the country and Foreign Trade Act of 1992.
For obtaining Import export code in Delhi you will have to follow a due process. Your IE business would have two copies, one “the foreign exchange control copy” and the “second customer Copy”. The first one you will need for opening the credit call and the effectual remittance to a seller abroad. And the second one you need to show to Customs authority so that it clears your goods. Without this second copy of this license, your business will be regarded as authorized. And hence you may be considered liable for penalty and the confiscation of Goods.
Things you need to know before obtaining Import Export Code in Delhi
Before applying for an import export code registration, you need to keep some important things in mind. Otherwise it will become difficult for you to obtain an Import Export Code in Delhi. Those things are as given below:
- Your import Export license In India is called Importer Exporter Code.
- This IE code is a 10-digit unique which is issued by Indian Governments only to registered companies.
- Director General of Foreign Trade which is part of the Ministry of commerce is directly responsible for import export code registration In Delhi and the rest of India.
- And eligibility criterion, legal provisions and various other requirements for IE code are described under the Foreign Trade (Regulation) Rules, 1993 of the Ministry of commerce.
Import Export Businesses in India Exempted from IE Code
The below given are some Import Export Businesses which are exempted from IE code:
- If your business is related to import and export of technology only and the services related to it, then you may not require obtaining IE code in some circumstances. Technologies and services which require IE code are those which are restricted by the international trade such as ammunition, nuclear weapons, etc.
- If you are importing or exporting personal goods not connected to manufacturing, trade verticals and agriculture etc, then you will not require obtaining an IE code.
- Goods imported and exported by charitable trusts and department and ministries of the Government.
To know the legal formalities and requirements for obtaining Import Export Code in Delhi, read this article thoroughly.