Glossary · Compliance & Registrations
IEC
Importer Exporter Code — a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to any person or firm engaged in import or export of goods or services.
IEC is mandatory under the Foreign Trade (Development and Regulation) Act, 1992. It is a one-time registration (no renewal required) obtained on the DGFT portal and is required for customs clearance, foreign-exchange transactions, and any remittance to or from abroad. An IEC can be deactivated by the DGFT if the holder fails to file the annual Foreign Exchange Earnings and Expenditure (FEEE) return for 3 consecutive years. Penalty for non-compliance with IEC rules ranges from ₹10,000 to ₹1 lakh.
Examples
An Indian handicraft exporter must obtain an IEC before shipping the first consignment to a buyer in the US.
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