To cut transaction costs for traders, the government has launched an online facility for issuing Importer-Exporter Code Number.
The facility was inaugurated by Commerce Minister Kamal Nath at a review meeting on export performance and export targets last evening, an official release said.
Importer-exporter code number is the first export-related registration that an exporter is required to obtain.
The Directorate General of Foreign Trade issued more than 54,000 IECs in 2005-06. During April-July, more than 17,500 IECs have been issued and transmitted to customs successfully, the release said.
The new system relies on a much simpler form and an optional on-line application module for issuance of IEC number. It seeks only essential details from the applicant and has an optional facility of advance on-line submission of application, it said.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group