IEC Code or Importer & Exporter Code is s unique 10 digit code . This code is allotted by the Director General of Foreign Trade under Section 7 of the Foreign Trade (Development & Regulation) Act, 1992 (22 of 1992) . It is found from readers & postings of queries on various blogs and sites , that freelancers from India who work on oDesk or Freelancers dot com or elance or elsewhere are concerned whether they are breaking law by not obtaining IEC code or whether such code is indeed mandatory for doing job for foreign service recipients. It is sorry to note that most of the sites and blogs are publishing only half of the law and explains only partially the actual law which regulates IEC Code . Thus ,more confusion have been generated for freelancers on this issue.
Accordingly , taxworry.com has decided to publish a series of articles for the benefit of freelancers who are exporting their expertise from India . First in the series is the article explaining the actual law of Importer & Exporter Code ( IEC Code ) and why most of the freelancers from India would not be required to apply for it .