FSSAI
FSSAI license is mandatory for many food businesses in India, including:
Food manufacturers, importers, and exporters: All food businesses that manufacture, store, transport, or distribute food in India need an FSSAI license. This includes businesses that import food for sale in India, and foreign food manufacturers that export certain food items to India.
Food businesses with a certain turnover: Businesses with a turnover of more than 12 lakh need an FSSAI license.
Food businesses that prepare, distribute, store, or sell food: This includes retail shops, temporary stalls, hawkers, and dairy units.
Chocolate manufacturers: Chocolate product manufacturers need an FSSAI license.
FSSAI licenses are based on the business's type, turnover, and production capacity. There are two types of FSSAI licenses: central and state. The FSSAI registration process gives the business a 14-digit number that must be printed on food packages.
Businesses must also declare their FSSAI license or registration number on: Cash receipts, Purchase invoices, Cash memos, and Bills.
Investors, banks, and lenders may check a business's FSSAI license before investing or lending.
ICEGATE:
Registration with ICEGATE is mandatory for anyone involved in international trade. ICEGATE is an online platform created by the government for customs-related tasks, and a registered ICEGATE ID is required to file documents online.
Benefits of registering with ICEGATE include:
Filing documents: You can file documents online, such as shipping bills and bills of entry
Tracking jobs: You can track the status of your jobs online
Receiving acknowledgements: You will receive positive or negative acknowledgements for your jobs on your registered email address
Receiving query replies: You will receive query replies on the email address registered with ICEGATE.
IMPORT EXPORT CODE:
Importer-Exporter Code (IEC) is mandatory for importing or exporting goods from India:
Any Indian business entity that imports or exports goods needs an IEC. This includes proprietorships, partnerships, LLPs, limited companies, trusts, HUFs, and societies. The Directorate General of Foreign Trade (DGFT) issues the IEC.
What happens without an IEC
Without an IEC, no entity can engage in international trade unless they fall under specific exemptions.
Update your IEC
You must update your IEC electronically every year between April and June. You can confirm online that there are no changes to your IEC details if there are no changes. If you don't update your IEC within the prescribed time, it will be deactivated. You can reactivate it after updating it successfully.
LEGAL ENTITY IDENTIFIER CODE:
The Legal Entity Identifier (LEI) code is mandatory in India for many types of transactions, including:
Payment transactions
For all non-individual transactions of ₹50 crore or more, LEI information is required for both the remitter and beneficiary. This applies to transactions made through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems. Cross-border transactions
LEI is required for cross-border transactions of ₹50 crore or more, such as capital or current account transactions.
Over-the-Counter (OTC) markets
LEI is required for participants in the OTC markets for Rupee Interest Rate derivatives, foreign currency derivatives, and credit derivatives.
Large borrowers
LEI is required for corporate borrowers with a total fund-based and non-fund based credit exposure of ₹5 crore or more.
Stock market participants
LEI is required for entities listed on stock exchanges or those participating in the depository system.
Derivatives and Forex Markets
LEI is required for participants in over-the-counter derivatives and foreign exchange markets.
LEI is a 20-digit alphanumeric code that identifies parties to financial transactions worldwide. It's required because there was no common identifier for all legal entities across various industries.
