Importer-exporter code number (IEC BFM CAIIB

BFM

🔴Importer-exporter code number (IEC) 🔴

To obtain from DGFT and to quote in all declarations. Manner of receipt of export proceeds : 

🔴The amount of proceeds can be received through AD banks 

➡a) By draft or personal cheque 

➡b) F/c notes or TC from buyer on his visit 

➡c) To the debit of FCNR/NRE a/c of the buyer 

➡d) Any other accepted banking channel 

🔴Realization and repatriation of export proceeds : 

➡a) 9 months from the date of shipment except 

➡b) 15 months from the date of shipment, if export to warehouse outside India 

➡Advance payment against export : The shipment of goods to be made within one year and rate of interest does not exceed LIBOR + 100 BPS