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IEC Code

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The IEC (Import Export Code) is a 10-digit code required for any business entity engaged in import or export activities in India.

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Any individual or business entity intending to engage in import or export activities in India needs to obtain an IEC.

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The IEC is issued by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce, Government of India.

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No, IEC is only required for business and commercial purposes, not for personal use.

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The PAN (Permanent Account Number) of the applicant is the registration number of IEC.

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No, only one IEC registration is required for each firm.

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Yes, IEC is a lifetime valid code.

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IEC holders must renew or update their registration electronically on or before June 30th of each year.

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For IEC Code Registration, the following documents are required:


  • Individual's or Firm's or Company's copy of PAN Card.
  • Individual's voter ID or Aadhar card or passport copy.
  • Individual's or company's or firm's cancelled cheque copies of current bank accounts.
  • Copy of Rent Agreement or Electricity Bill Copy of the premise.





RERA

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  • RERA is a law that aims to protect homebuyers and promote transparency in the real estate sector by establishing a Real Estate Regulatory Authority (RERA) for regulation and promotion.
  • It came into force on May 1, 2016.
  • The purpose is to ensure transparency, protect consumer interests, and establish a mechanism for speedy dispute redressal.

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  • Any builder intending to develop a commercial or residential property on land measuring more than 500 square meters or with the number of proposed apartments exceeding eight must obtain RERA registration.
  • Real estate agents involved in selling and purchasing properties are also required to obtain RERA registration.

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  • Financial Security:
  • RERA ensures that developers use funds collected from buyers for project-related expenses only.
  • Clarity on Carpet Area and Pricing:
  • RERA mandates that developers clearly state the carpet area and pricing of properties.
  • Structural Defect Liability:
  • RERA ensures that developers are liable for structural defects for a specified period.
  • Protection Against False Advertisements
  • RERA prevents developers from making false or misleading claims about their projects.

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  • Developers who fail to adhere to RERA mandates or directions can face penalties, including fines and revocation of registration.
  • The penalties are determined by the RERA authority.

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  • RERA is applicable to projects that are launched after the Act came into force (May 1, 2016).
  • However, some states have provisions for existing projects to also register under RERA.

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  • The validity period of RERA registration for real estate projects is typically 5 years.
  • The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has increased the validity period of registration of real estate agents to 10 years from the previous 5 years.

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  • A developer cannot exit a project midway without the consent of the homebuyers and the RERA authority.
  • If a developer wants to sell the project to another party, they need to obtain the consent of the homebuyers and the RERA authority.



MSME

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  • MSME stands for Micro, Small, and Medium Enterprises, which are crucial for economic growth, job creation, and innovation in India.
  • They are businesses involved in manufacturing or providing services, contributing significantly to India's GDP and exports.

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  • Registration under the Udyam Registration (UAM) portal allows businesses to access various government schemes, benefits, and preferential treatment in public procurement.
  • It also helps in accessing credit facilities, technology upgrades, and other support services.

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  • Credit Linked Capital Subsidy Scheme (CLCSS): This scheme provides financial assistance for technology upgradation.
  • Public Procurement Policy: This policy mandates a minimum percentage of procurement from MSMEs, including those owned by women.
  • PM Employment Generation Programme: This scheme aims to generate employment in rural and urban areas through setting up micro and small enterprises.

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  • MSMEs often struggle with access to finance, technology, and skilled manpower.
  • They also face challenges related to infrastructure, marketing, and competition.

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  • Buyers are obligated to make payments to MSME suppliers within 45 days from the date of purchase, or as per the agreed terms in a written agreement.
  • If there is no written agreement, the payment must be made within 15 days.

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  • MSME’s need to do Udyog Aadhar registration to avail the MSME benefits.

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  • Documents required for Udyog Aadhar registration are as below: Aadhaar Number, Name of Owner/Promoter, Category, Business Name, Type of Organization, Address, Date of Commencement, Previous Registration Details (if any), Bank Details, Key Activity, National Industrial Classification (NIC) Code, Investment in Plant & Machinery / Equipment, District Industry Center (DIC).

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  • The MSME Unit can approach directly to any of our branch offices and submit their request for loan requirement from any of the banks under our tie up agreement. The official sitting at the branch will provide hand holding support to the MSME unit by assisting them in completing all documentation as required for further submission to the bank.









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