Latest news with #IEC
Time Business News
18 hours ago
- Business
- Time Business News
Complete Guide to Apply for IEC Code: Your Gateway to International Trade
In today's interconnected global economy, businesses seeking to expand beyond domestic borders must navigate various regulatory requirements. For Indian entrepreneurs and companies looking to engage in international trade, obtaining an Import Export Code (IEC) is not just beneficial—it's mandatory. This comprehensive guide will walk you through everything you need to know about IEC code registration and how to apply for IEC code efficiently. The Import Export Code is a unique 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. This code serves as a business passport for international trade, enabling Indian businesses to legally import goods from or export goods to foreign countries. Since the implementation of GST, the IEC number has been aligned with the PAN (Permanent Account Number), making the process more streamlined and reducing bureaucratic complexities. The import export code comes with lifetime validity, meaning once obtained, businesses don't need to worry about renewals or expiry dates. IEC code registration is legally required for several reasons: Legal Compliance: Under the Foreign Trade Policy of India, any entity engaged in import or export activities must possess a valid IEC code. Trading without this code can result in penalties and legal complications. Customs Clearance: The IEC code is essential for customs clearance of goods at ports, airports, and land borders. Without it, your shipments cannot be processed through Indian customs. Banking Transactions: Banks require the IEC code for processing foreign exchange transactions related to import and export activities. This includes opening letters of credit, making foreign payments, and receiving export proceeds. Government Benefits: Various government schemes and incentives for exporters and importers are linked to IEC registration. These include export promotion schemes, duty drawback benefits, and special economic zone (SEZ) benefits. The beauty of IEC code registration lies in its accessibility. Various types of business entities can apply for IEC code: Sole Proprietorships : Individual entrepreneurs can register for IEC using their personal PAN card : Individual entrepreneurs can register for IEC using their personal PAN card Partnership Firms : Registered and unregistered partnerships can obtain IEC codes : Registered and unregistered partnerships can obtain IEC codes Private and Public Limited Companies : Corporate entities of all sizes are eligible : Corporate entities of all sizes are eligible Limited Liability Partnerships (LLPs) : Modern business structures can also register : Modern business structures can also register Trusts and Societies : Non-profit organizations engaged in trade can apply : Non-profit organizations engaged in trade can apply Hindu Undivided Families (HUFs): Traditional family business structures are eligible When you decide to apply for IEC code, ensure you have the following documents ready: Primary Documents: PAN card of the applicant (individual/entity) Aadhaar card copy of the applicant or authorized signatory Recent passport-size photograph of the applicant Address Proof Documents: Property ownership documents (sale deed, property card) Rent agreement (if premises are rented) Electricity bill or utility bill (not older than 2 months) Bank statement showing the registered address Business-Specific Documents: Certificate of incorporation (for companies) Partnership deed (for partnerships) Trust deed (for trusts) Bank account details and cancelled cheque The process to apply for IEC code has been digitized for convenience and efficiency: Step 1: Online Application Visit the official DGFT website or authorized service provider portal. Fill out the online application form (ANF 2A) with accurate business and personal details. Ensure all information matches your supporting documents. Step 2: Document Upload Upload clear, legible copies of all required documents in the specified format (usually PDF or JPEG). Pay attention to file size limits and image quality requirements. Step 3: Fee Payment Pay the prescribed fee online through net banking, credit card, or debit card. The current fee structure includes government fees and service charges. Step 4: Application Submission Review all entered information carefully before final submission. Once submitted, you'll receive an acknowledgment receipt with a reference number. Step 5: Processing and Verification The DGFT processes applications within 7-10 working days. During this period, officials may contact you for additional information or clarification. Step 6: IEC Certificate Issuance Upon successful verification, your import export code certificate will be issued and sent to your registered email address. IEC code registration opens numerous opportunities for businesses: Global Market Access: With a valid IEC code, businesses can explore international markets, source raw materials globally, and sell products worldwide. Competitive Advantage: Access to international suppliers often means better pricing, quality, and variety of products, giving businesses a competitive edge in domestic markets. Export Incentives: The government offers various export promotion schemes, including duty drawback, export promotion capital goods (EPCG) scheme, and advance authorization scheme. Banking Facilities: Banks offer specialized trade finance products like letters of credit, export credit, and foreign exchange services to IEC holders. Customs Benefits: Certain customs procedures and clearances become more streamlined for registered importers and exporters. While the process to apply for IEC code is straightforward, applicants often face certain challenges: Documentation Issues: Incomplete or incorrect documents are the most common reason for application rejection. Solution: Carefully review document requirements and ensure all papers are current and accurate. Technical Difficulties: Online portal issues can sometimes delay applications. Solution: Use reliable internet connections and try submitting during non-peak hours. Address Verification: Mismatched addresses between different documents can cause problems. Solution: Ensure consistency across all documents and update any outdated information. Bank Account Details: Incorrect or inactive bank account information can lead to delays. Solution: Verify bank account details and ensure the account is operational. Once you've successfully completed IEC code registration, maintaining compliance is crucial: Annual Returns: While IEC doesn't require renewal, businesses must file annual returns (ANF 2B) with DGFT, providing details of import-export transactions. Profile Updates: Any changes in business structure, address, or authorized signatories must be updated in the IEC profile through the DGFT portal. Transaction Compliance: All import-export transactions must comply with foreign trade policy guidelines and FEMA regulations. The Indian government continues to simplify the import export code registration process through digital initiatives. Recent developments include: Integration with other government databases for faster verification Simplified online procedures reducing processing time Enhanced customer support through dedicated helplines Mobile-friendly application interfaces While businesses can apply for IEC code directly through government portals, many choose professional service providers for convenience and expertise. When selecting a service provider, consider: Experience and track record in IEC registrations Transparency in fee structure Customer support quality Processing time commitments Post-registration support services IEC code registration is your gateway to participating in India's growing international trade ecosystem. With the country's focus on becoming a global manufacturing hub and increasing export targets, having an import export code positions your business for tremendous growth opportunities. The process to apply for IEC code has become more streamlined and user-friendly, making it accessible to businesses of all sizes. Whether you're a startup looking to source materials internationally or an established company planning to export products, obtaining your IEC code is the first step toward global success. Remember, in today's competitive business environment, those who expand beyond borders often achieve the greatest success. Your import export code is not just a regulatory requirement—it's an investment in your business's future growth and global competitiveness. Start your IEC code registration journey today and unlock the vast potential of international trade for your business. TIME BUSINESS NEWS
Yahoo
6 days ago
- Business
- Yahoo
Indonesia Energy Plans to Commence Drilling Two Wells at Kruh Block During the Remainder of 2025
JAKARTA, INDONESIA AND DANVILLE, CA, July 23, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it plans to drill two (2) back-to-back wells on IEC's 63,000 acre Kruh Block commencing in the fourth quarter of 2025. The new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC's wellsite prospects and drilling locations with a view towards maximizing production. IEC's planned drilling activities are expected to encompass: Two wells being drilled back-to-back to help minimize mobilization costs. A 750 horsepower drilling rig is planned to be used and is currently undergoing final inspection. The wells will be designated 'Kruh-29' (Kruh Field, planned total depth: 3,400 ft) and 'West Kruh-5' (West Kruh Field, planned total depth: 5,200 ft), representing IEC's first new well drilling activity in West Kruh Field. Surface locations and subsurface geology for both wells have been approved by SKK Migas and Pertamina, the applicable Indonesian government entities. For Kruh-29, land acquisition, logistics, and tubular material procurement have been completed. For West Kruh-5, tender documents for required third party vendors are being prepared. Spudding of Kruh-29 is expected in the middle of the fourth quarter of 2025, with production anticipated to begin by year-end. Mr. Frank Ingriselli, IEC's President, commented 'We are excited that government permits and necessary contractors are lining up to provide us with the ability to commence drilling our next well at the Kruh Block before year end and hopefully the drilling of a second well before year end or soon thereafter. This comes after our heavy investment in critical seismic work in 2024 and early 2025 which will guide our efforts going forward. If results from these next wells are positive, we are hopeful that a significant increase in our reserves will be forthcoming as we continue to work towards drilling a total of 18 new wells at Kruh in the coming years as we seek to maximize the potential for this asset and drive shareholder value.' In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves. More information regarding IEC's planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC's annual report on Form 20-F which was filed on April 29, 2025 with the Securities and Exchange Commission and is available on IEC's website at: About Indonesia Energy Corporation Limited Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC's principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit Cautionary Statement Regarding Forward-Looking Statements All statements in this press release, and related statements of Indonesia Energy Corporation Limited ('IEC') and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Acts'). In particular, the words 'could,' "estimates," 'seek,' "believes," "hopes," "expects," "intends," 'on-track', "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC's future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, and IEC's website at IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Company Contact:Frank C. IngriselliPresident, Indonesia Energy Corporation in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
6 days ago
- Business
- Business Upturn
Indonesia Energy Plans to Commence Drilling Two Wells at Kruh Block During the Remainder of 2025
Drilling part of company's continuing plans to drill a total of 18 wells at the 63,000 acre Kruh Block JAKARTA, INDONESIA AND DANVILLE, CA, July 23, 2025 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) ('IEC'), an oil and gas exploration and production company focused on Indonesia, today announced that it plans to drill two (2) back-to-back wells on IEC's 63,000 acre Kruh Block commencing in the fourth quarter of 2025. The new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC's wellsite prospects and drilling locations with a view towards maximizing production. IEC's planned drilling activities are expected to encompass: Two wells being drilled back-to-back to help minimize mobilization costs. A 750 horsepower drilling rig is planned to be used and is currently undergoing final inspection. The wells will be designated 'Kruh-29' (Kruh Field, planned total depth: 3,400 ft) and 'West Kruh-5' (West Kruh Field, planned total depth: 5,200 ft), representing IEC's first new well drilling activity in West Kruh Field. Surface locations and subsurface geology for both wells have been approved by SKK Migas and Pertamina, the applicable Indonesian government entities. For Kruh-29, land acquisition, logistics, and tubular material procurement have been completed. For West Kruh-5, tender documents for required third party vendors are being prepared. Spudding of Kruh-29 is expected in the middle of the fourth quarter of 2025, with production anticipated to begin by year-end. Mr. Frank Ingriselli, IEC's President, commented 'We are excited that government permits and necessary contractors are lining up to provide us with the ability to commence drilling our next well at the Kruh Block before year end and hopefully the drilling of a second well before year end or soon thereafter. This comes after our heavy investment in critical seismic work in 2024 and early 2025 which will guide our efforts going forward. If results from these next wells are positive, we are hopeful that a significant increase in our reserves will be forthcoming as we continue to work towards drilling a total of 18 new wells at Kruh in the coming years as we seek to maximize the potential for this asset and drive shareholder value.' In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves. More information regarding IEC's planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC's annual report on Form 20-F which was filed on April 29, 2025 with the Securities and Exchange Commission and is available on IEC's website at: About Indonesia Energy Corporation Limited Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC's principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit Cautionary Statement Regarding Forward-Looking Statements All statements in this press release, and related statements of Indonesia Energy Corporation Limited ('IEC') and its representatives and partners that are not based on historical fact are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Acts'). In particular, the words 'could,' 'estimates,' 'seek,' 'believes,' 'hopes,' 'expects,' 'intends,' 'on-track', 'plans,' 'anticipates,' or 'may,' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC's future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, and IEC's website at IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Company Contact:Frank C. IngriselliPresident, Indonesia Energy Corporation Limited [email protected]
News18
6 days ago
- Business
- News18
So Near Yet 'Sofa': DRI Cracks Down On Rs 30 Crore Luxury Furniture Import Scam
Last Updated: The investigation revealed a meticulously planned operation to evade customs duties by undervaluing premium furniture sourced from top European brands In a significant recent crackdown on customs fraud, the Directorate of Revenue Intelligence (DRI) has uncovered a massive scheme involving the import of luxury furniture using fake invoices and dummy companies. Acting on specific intelligence, DRI Mumbai officers raided several locations linked to a well-known luxury furniture brand operating across India. The investigation revealed a meticulously planned operation to evade customs duties by undervaluing premium furniture sourced from top European brands. Instead of declaring the real price, the accused routed payments through shell companies based in Dubai and Singapore. Goods were shipped directly from Europe to India but were declared as unbranded furniture at a fraction of their actual value. This clever paper trail using dummy importers and fake invoices allowed the masterminds to dodge customs duty worth Rs 30 crore. Searches were conducted at offices, warehouses, freight forwarders, and customs brokers connected to the racket. DRI officials stated that the scam involved multiple layers: shell companies abroad, local intermediaries, dummy Importer Exporter Code (IEC) holders, and fabricated paperwork. Once the furniture cleared customs, it was transferred on paper to the luxury brand's name through a proxy intermediary, but in reality, it went directly to the brand's warehouse or high-end clients. In a swift move, DRI arrested the beneficial owner of the brand, the dummy importer, and the local intermediary on July 21 and 22 under the Customs Act, 1962. Officials noted that this is not an isolated case. Just two months ago, in May, DRI uncovered a similar scam worth over Rs 20 crore, again involving luxury furniture brands using front companies to misdeclare imported goods. Such frauds significantly impact government revenue and harm honest businesses that pay their dues. A senior DRI official said, 'These operations create an unfair market for genuine importers and domestic manufacturers. We are determined to expose these networks and plug the leaks." The DRI is now investigating other shell companies, dummy IEC holders, and financial channels linked to the scam. More arrests and wider revelations are expected as the probe continues. view comments First Published: July 23, 2025, 03:24 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Indian Express
7 days ago
- Business
- Indian Express
Mumbai: DRI busts racket involved in duty evasion of Rs 30 crore in luxury furniture import; 3 arrested
The Directorate of Revenue Intelligence (DRI) Tuesday said that it has busted a racket allegedly involved in Customs duty evasion to the tune of approximately Rs 30 crore in the imports of premium luxury furniture. The agency raided multiple locations in Mumbai and arrested three persons on Monday and Tuesday under provisions of the Customs Act, 1962. According to DRI, it received specific intelligence regarding the import racket. Acting on the intelligence, DRI officials conducted extensive searches across multiple locations, including business premises, warehouses, offices of freight forwarders, customs brokers, and other associated entities. 'The investigation has exposed a complex, intertwined network used for massive undervaluation and misdeclaration of branded luxury furniture operating across multiple jurisdictions, involving the use of dummy importers (IEC holders), local intermediaries, overseas shell entities, and fabricated invoices and related documentation to systematically undervalue branded luxury furniture,' the DRI stated in a statement. The anti-smuggling agency's investigation revealed that the beneficial owner, a well-known luxury furniture brand, was sourcing luxury furniture from reputed Italian and other European brands. However, invoicing was being done in the names of shell companies based in jurisdictions such as Dubai, while the goods were shipped directly from Europe to India. In parallel, fabricated invoices were sent through a Singapore-based intermediary for falsely declaring the goods as unbranded furniture at significantly undervalued rates to Customs for clearance in the name of dummy importers, the DRI said. Once cleared through Customs, the goods were transferred on paper to the intended beneficial owner via a local intermediary created for this purpose, while in reality the goods were directly sent to the beneficial owner or the customer at the direction of the beneficial owner of the whole scam, the central agency added. Preliminary findings indicate a gross undervaluation of 70 to 90 per cent of the actual transaction value, resulting in estimated customs duty evasion of approximately Rs 30 crore. The beneficial owner, the importer (IEC holder), and the intermediary have been found in complicity and close conspiracy with each other for executing the whole modus operandi to evade a huge amount of customs duty, the central agency probe has revealed.
