IEC (Import Export Code) is Mandatory for all Import & Export Business transactions.
IE Code is required in the following situvations:
1. When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
2. When an importer sends money abroad through banks then it’s needed by the bank.
3. When an exporter has to send his shipments then its needed by the customs port.
4. When an exporter receives money in foreign currency directly into his bank account then its required by the bank.
IE Code has to be renewed for every Financial Year