Key Features;

Mandatory Requirement: Businesses engaging in import or export activities in India are required to obtain an IEC. 
10-Digit Code: The IEC is a unique 10-digit identification number issued by the DGFT. 
Lifetime Validity: Once issued, the IEC is valid for the lifetime of the business and does not require renewal. 
Online Application: The process of obtaining an IEC is fully online, making it quick and hassle-free. 
No Return Filing: Businesses with an IEC are not required to file any returns or comply with specific compliance requirements. 
PAN Linkage: The IEC is linked to the Permanent Account Number (PAN) of the business. 
One Code for all Branches: One IEC is valid for all branches, factories, or units of a business with the same PAN. 

Benefits:

Global Market Access: The IEC allows businesses to participate in global trade and tap into new markets. 
Access to Government Schemes and Incentives: IEC holders can avail themselves of various benefits under the Foreign Trade Policy, such as export incentives and duty drawbacks. 
Simplified Customs Clearance: The IEC facilitates smoother and faster customs clearance for imports and exports. 
Foreign Currency Transactions: The IEC enables businesses to conduct international payments and transactions more easily. 
Enhanced Credibility: Having an IEC can enhance the credibility of a business in the global trade ecosystem. 
Legal Compliance: The IEC ensures that businesses comply with the regulations governing international trade. 
Easy Processing: The application process for an IEC is straightforward and usually takes 10-15 working days.