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PP Foods Obtains Certificate of Importer Exporter Code
IEC (Import Export Code) is a certificate required in the manufacturing industry for undertaking import and export transactions. The authorized person of the company, who is responsible for the importing & exporting of goods and services, is required to register with the Import Export Code.
IE Code is a 10 digit number issued by DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. Renewal is not required as it is valid for lifetime for the organization. DGFT will issue the IE Code to the applicant within 15 to 20 days after acknowledgment & validation of the necessary supporting documents. IEC registration is acquirable digitally, via the DGFT website only. There is no compliance requirement for IE Code and its value & layout is similar to that of the PAN Card.
PP Foods (A Rice Processing Unit) promoted by the Shah Family, has successfully obtained the Import Export Code. PP Foods’ primary nature of business is rice milling and supplying rice grits to big FMCG players in the Indian market. This certification will help PP Foods to explore and expand into market outside India.
Following are the advantages of the Import Export Code to PP Foods:
1.Unlock International Markets
As per the rules and regulations, Indian Government does not allow manufacturing entities to supply goods and services in the international market without IC Code certification. Since the IE Code is a mandatory to Importers & Exporters, it has enhanced the business quality and will help in taking the business forward into newer markets.
2.Business Relationship and Global Reach
Since IEC is a mandatory requirement for Importers & Exporters, it will help to maintain a healthy business relationship between importer and exporter across the national boundaries.
3. Lifetime Validity
This is the key feature of the certification. It will help PP Foods in their lifelong business objectives and process. This code does not require renewal. It has lifetime validity, which will be beneficial to PP Foods in the long run.
4. Miscellaneous Benefits
With the help of IE Code, PP Foods may entertain benefits of Import and Export from DGFT, Customs, Export Promotion Council, etc. An added benefit is that PP Foods can also claim the refund of taxes paid while exporting the goods.
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25/04/2020 Ajinkya Sakhare
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