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.
The employees earn a maximum of Rs. 21,000 per month
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.
Importer Exporter 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 Identifie 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.
