Company X is a MNC in gujarat. It wants to import a machinery from outside and give it on lease in mumbai. It has just applied for IEC registration on 15-01-10. Can it send the order for the machinery on 18-01-10? Will the company have to wait till the registration is complete? In any case the machinery will be delivered in March only as it wil come by ship.
15 January 2010
First let me know what is this IEC rgistration is it as per the customs law? if so then only when the registration to import is received the order for the machinary can be placed as otherwise the same would amount to not a valid import as registration date would be subsequent to the order date of machinary and it would amount to illegal import.
If there is another interpretation of IEC then let me know
CAclubindia
