Import Export Code is a unique identification number issued to businesses that wish to engage in import or export activities.
How It Works:
- A business applies for the code.
- The authority verifies the application.
- The code is issued upon approval.
- It is used in all import and export transactions.
- Required for customs clearance and payments.
Benefits:
- Mandatory for international trade
- Enables legal import and export activities
- Simplifies documentation
- Helps track trade transactions
Example:
A company obtains an Import Export Code before starting its export business.