An IEC Code, which is also the short form for Import Export Code, is a code required by an individual or business involved in imports and exports in India.
The IEC Code is used by individuals or companies that are looking to establish an import-export business. Issued by the Director-General of Foreign Trade (DGFT), the IEC Code for Export of Services, as well as its import, is a 10-digit code that is valid for life. If you do not have an IEC Code, then you cannot import or export goods.
Without an IEC code, merchants will be unable to export goods and services to other countries. The IEC Code is required by the Customs Port in case a merchant is exporting goods and services.
You will also require an IEC Code as an exporter in case you receive money in foreign currency directly into your bank account.
An IEC Code is valid for life and doesn’t require to be renewed.