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  • Import License and IEC Code Number required for Import Business and Importing Goods from Overseas Market.
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    Import License and IEC Code Number.




    Introduction

    While the majority of the goods are freely importable, the Exim Policy (2007) of India prohibits import of certain categories of products as well as conditional import of certain items. In such a situation it becomes important for the importer to have an import license issued by the issuing authorities of the Government of India.

    Import License Issuing Authority
    In India, Import License is issued by the Director General of Foreign Trade. DGFT Delhi office is situated in Udyog Bhawan, New Delhi 110011.

    Validity of Import License

    Import Licenses are valid for 24 months for capital goods and 18 months for raw materials components, consumable and spares, with the license term renewable.

    Sample of Import License

    A typical sample of import license consists of two copies-
    ForeignExchange Control Copy: To be utilised for effecting remittance to foreign seller or for opening letter of credit
    Customs Copy: To be utilised for presenting to Customs authority enabling them to clear the goods. In the absence of custom copy, import will be declared as an unauthorised import, liable for confiscation and or penalty.

    Categories of Import

    All types of imported goods come under the following four categories:

    • Freely importable items: Most capital goods fall into this category. Any product declared as Freely Importable Item does not require import licenses.

    • Licensed Imports: There are number of goods, which can only be importer under an import license. This category includes several broad product groups that are classified as consumer goods; precious and semi-precious stones; products related to safety and security; seeds, plants and animals; some insecticides, pharmaceuticals and chemicals; some electronically items; several items reserved for production by the small-scale sector; and 17 miscellaneous or special-category items.

    • Canalised Items: There are certain canalised  items that can only be importer in India through specified channels or government agencies. These include petroleum products (to be imported only by the Indian Oil Corporation); nitrogenous phosphatic, potassic and complex chemical fertilizers (by the Minerals and Metals Trading Corporation) vitamin- A drugs (by the State Trading Corporation); oils and seeds (by the State Trading Corporation and Hindustan Vegetable Oils); and cereals (by the Food Corporation of India). 

    • Prohibited items: Only four items-tallow fat, animal rennet, wild animals and unprocessed ivory-are completely banned from importation.

    Category of Importer
    On the basis of product to be imported and its target buyer, importers categories are divided into three groups for the purpose of obtaining import licensing:

    1. Actual Users- An actual user applies for and receives a license to import of any item for personal use rather than for business or trade purpose.

    2. Registered exporters; defined as those who have a valid registration certificate issued by an export promotion council, commodity board or other registered authority designated by the Government for purposes of export-promotion.

    3. Others.

    The two types of actual user license are:

    1. General Licenses : This license can be used for the imports of goods from all countries, except those countries from which imports are prohibited;

    2. Specific Licenses: This license can only be used for imports from a specific country.

    Custom Inspection

    Any violation in the import license is usually scanned by the custom officials of the custom department. Customer inspector and other custom officials have authority to inspect and evaluate the goods to be imported. It’s a part of their job to determine whether imports conform to the description in the import License or not. Custom official even have right to charge fines and penalties if any violation in the import license is found to be done by the importer.

    Table of  Contents


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    What is New?

    Date: 23-09-2016
    Trade Notice No. 18/2016
    Clarification in respect of definition of service provider under Common Service Providers (CSP) in Export Promotion Capital Goods (EPCG) scheme.

    Date: 23-09-2016
    Customs Notification No. 51/2016
    Seeks to further amend notification No.12/2012-Customs dated the 17th March, 2012, so as to: 1. Reduce import duty on potatoes from 30% to 10% up to 31.10.2016. 2. Reduce import duty on wheat from 25% to 10% up to 29.02.2017. 3. Reduce import duty on palm oil from 12.5% to 7.5% for crude palm oil of edible grade, and from 20% to 15% for refined palm oil of edible grade.

    Date: 23-09-2016
    DGFT Public Notice No. 33/2015-2020
    Amendment in ANF-5A [Applicationj for issue of EPCG Authorisation ] incorporating the guideline for designating/certifying a Common Service Provider (CSP) under Para 5.02 (b) of FTP 2015-20-reg.

    Date: 22-09-2016
    Customs Notification No. 122/2016 (NT)
    Rate of exchange of conversion of the foreign currency with effect from 23rd September, 2016

    Date: 22-09-2016
    Customs Circular No. 44/2016
    Regarding setting up of 'Custom Clearance Facilitation Committee' (CCFC) for Land customs stations and Inland Container Depots-reg

    Date: 22-09-2016
    Trade Notice No. 17/2016
    Refund of Terminal Excise Duty(TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not availabe.

    Date: 22-09-2016
    Customs Notification No. 50/2016
    Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012

    Date: 22-09-2016
    Service Tax Notification No. 41/2016 (ST)
    Seeks to exempt taxable service provided by State Government Industrial Development Corporations/ Undertakings by way of granting long term (thirty years, or more) lease of industrial plots to industrial units from so much of service tax which is leviable on the one time upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease.

    Date: 22-09-2016
    DGFT Public Notice No. 32/2015-2020
    Merchandise Exports from India Scheme (MEIS)-Additions/amendments in Table 2[containing ITC (HS) code wise list of products with reward rates] of Appendix 3B

    Date: 21-09-2016
    Instruction
    Instruction issued by Legal Cell, CBEC regarding non compliance of sub-section 2 of section 32K of Central Excise, Act, 1944 - Immunity granted to a person from prosecution, penalty and fine



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