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IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India to Indian Companies. It needs to be quoted while your goods go through customs and while sending money abroad or receiving money from abroad.
IEC is just a code. It is required only for mentioning on documents while importing or exporting. No returns are required to be filed with any authority in respect of transactions made under this code.
The IEC, once issued, is valid throughout the county, in all your branches or factories. Only one IEC would be issued against a single PAN number.
Where an IEC Number is lost or misplaced, the issuing authority may consider requests for grant of a duplicate copy of IEC number, if accompanied by an affidavit.
If an IEC holder does not wish to operate the allotted IEC number, he may surrender the same by informing the issuing authority.