What is the Import Export Code (IEC) and why is it important for businesses in India?

The Import Export Code (IEC) is a 10-digit unique number issued by the Directorate General of Foreign Trade (DGFT) that allows businesses to legally import and export goods and services from India. It is mandatory for any company or individual engaged in international trade and helps in customs clearance, accessing government incentives, and smooth processing of foreign transactions. Without an IEC, businesses cannot operate in global markets.