Traders can now submit applications online to get an Importer Exporter Code number (IEC), a move aimed at improving ease of doing business.
“The new system of online applications for IEC…will be operationalized with effect from 01/02/2015,” the Directorate General of Foreign Trade (DGFT) said in a public notice. It also said that the facility of submission of application in manual mode will, however, continue for those applicants who do not have access to net banking facility with the ten notified banks.
After receipt of applications online, the decision regarding grant or refusal of IEC will be taken and communicated by the concerned Regional Authorities (RA) of DGFT within two working days.
The facility of filing online application for IEC will also be available through e-biz portal of the Department of Industrial Policy and Promotion (DIPP), after its integration with DGFT’s system.
The Commerce Ministry is intensely engaged with different departments, including revenue and shipping, to reduce paper work in a bid to cut transaction cost for exporters and improve ease of doing business.
The DGFT, under the Commerce Ministry has prepared a report suggesting various ways to improve India’s ranking in the World Bank’s report of ease of doing business, reduce transactions cost for exporters and boost outward shipments.
The ministry aims at reducing the number of mandatory documents from nine to three (bill of lading, invoice and shipping bill) for exports, and from ten to four for imports. The government is aiming to improve India’s overall ranking in ease of doing business index to 50th position in the next two years from the current 142nd.