You can open a current account in any nationalized bank on your company name. During account opening, you have to submit both original and copy of your ID and address proofs, a copy of GST, 5 passport size photos. There is a minimum balance to be deposited in the bank. This may vary depending upon the bank.
If the branch you are opening the current account is having foreign exchange counter, it would be very useful to transfer the foreign currency to your account on the same day. If the branch does not have foreign exchange counter, do not worry, it may take one or two days delay only.
After you have opened the current account, the next step is export license. This is called IE code (Import-Export code). The issuing authority of this certificate is DGFT (Directorate General of Foreign Trade). You can apply through online or offline. www.dgft.gov.in is the website where you can apply IE code and download the application form.
Now the application process has become very simple. The registration fee to apply IE code is Rs. 500/- only (onetime fee-nonrefundable). If you have any problem to apply IE code, kindly contact a consultant or auditor. They will do this work (service charge is applicable). In this IE Code application process, you have to attach a letter from your bank.
That letter should be given from the bank on bank’s letter pad.
Bank’s round seal (rubber stamp) is necessary at the bottom of the letter.
Bank manager’s signature with his name in capital letter is compulsory.
The format of the letter would be in the IE code application form itself.
Once you have submitted the application form, you will receive the IE code in a week. You can also check your application status through online.
Once you have got IE code, you are eligible to do export business.
There is no expiry date for the IE code certificate.
There is no renewal required for the IE code.
You can do both exports as well as imports with this IE code.
There is no limit on export or import value.
With this one IE code, your family can do export-import business for generations.
One more registration is required which is called EPC (Export Promotion Council). In the next session, we will see briefly about it.
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