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Exim license /iec number

Anoob (Director ) (27 Points)

17 June 2019

Hello Experts ,

We are running a digital marketing company in USA, a company is registered in USA and has a bank account.We wants to transfer the money from our bank account to bank account in India.

Just wanted your advise on whether EXIM license or IEC is mandatory to transfer the money from our bank account in USA to India.

And what is the implication of on EXIM license /IEC code on a digital marketing company remotely operating from India.

thanks in advance for your advise

Regards

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CS M Pota (Company Secreatary) (3180 Points)
Replied 17 June 2019

IEC is Import Export Code which is mandatory for making import into India and for effecting export out of India.Exim licence is required along with IEC if any restricted item is to be imported or exported into India or out of India.

So far as money transfer is concerned on IEC or Exim licence is required.

If you in digital marketing import or export into or out of India anything including software or services you need to have IEC code. Also as stated above if the item is restricted for Import or export licence for import or export is required.

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