IE Code Registration in Kerala
PROCEDURES FOR STARTING IMPORTS & EXPORTS
1. Preliminaries
Before one starts the export - import business, there are certain essential formalities one has to comply with. The following are the aspects one has to take for this purpose: -
Having a Bank account with an authorized dealer
Obtaining of Permanent Account Number (PAN)
Obtaining Import-Export Code Number (IEC No.)
Obtaining Business Identification Number (BIN)
Obtaining Membership of Export Promotion Council
Registration with Excise Dept.
•Obtaining Enrollment Number
Obtaining Identity Card
Appointing Clearing House Agent (CHA)
Opening a Bank Account Number: A person can have a bank account with any bank including a Co-operative Bank. However, one has to ensure that when the account is opened, the bank must be an Authorized Dealer for dealing in foreign exchange as per permission given by Reserve Bank of India. Normally Co-operative Banks are not authorized by RBI to deal in foreign exchange.
Permanent Account Number (PAN): The government has made it mandatory to quote the PANo. in all important transactions. Therefore, it is essential to obtain PAN before undertaking an export - import transaction. In order to obtain PAN, one has to file Form No. 49A with the Income Tax Department and obtain a PANo.
Import-Export Code Number (IEC No): An application is required to be made to the JT. Directorate General of Foreign Trade (Jt. DGFT) for this purpose.
