EXIM code registration - EXIM code registration in Nepal information

EXIM code registration - info of EXIM code registration in Nepal

EXIM code registration - EXIM code registration in Nepal information is our today topic.  We want to explain about EXIM code registration process, renews and bank Guarantee. 

Introduction - EXIM code

The main reason for the Implementation of EXIM code is to Make Export and Import process legal and easy way. Promoting Foreign Trade by the means transparency, systematic and simplicity of Export goods for neat Transaction. Also to reduce the numbers of printed hardcopy documents or to discourage illegal import and exports of goods.

The code that is required for the export and import of goods and commodities products from a foreign country and to a foreign country.

What is the Full form of EXIM code? 

The full form of EXIM code is Export-Import code.

Who should take the Exim Code?

Those Business organization that wants to export and import goods from a foreign country to domestic country and from domestic country should take EXIM code. The organization that does not have EXIM code are restricted to import and export goods. 

What is the Length of EXIM code?

EXIM code includes 13 digits of the number (eg. 1239495959963) and two English Letter (Eg. NP).

1. First 9 digits reflect Permanent Account Number (PAN)
2. 10th and 11th numbers reflect single PAN registered in a single Firm then 1 and if 1 firm registered more than 1 then 2 included a number
3. 12th and 13th numbers reflect the releasing self special numbers.
4. 14th and 15th number include N and P to indicate Nepal.

What Documents are required to request EXIM CODE registration?

Those who want export or import or both transaction should have paid regular tax to the government in the Inland Revenue Department(IRD) or offices of this department. All the document are to be scanned and uploaded on the internet of customs website. Application Letter with signature according to Schedule - 1. Following are the documents required :

1.  Application with Signature for registration
2.  Business or industry registration Certificate (If it is the renew session then renewal document is required)
3.  Permanent Account Number.
4.  Approvement letter if transaction related to Ending Charges: goods.
5.  If any transaction is needed to separately then permission letter of such transaction.
6.  Recommendation Letter according to Schedule -2  if the applicant has a bank account.
7.  Minimum 1 year of bank Guarantee of Rs. 5 Lakhs(0.5 Million) from the Commercial Bank (A-Grade) Licensed by Nepal Rastra Bank limited. But you do not need bank guarantee if you are only exporting goods.
8.  Photo shot within last 6 months of Person, Proprietor or head of an organization.
9.  Easily understandable Sketch Map or Trace of Business place

 

What is the amount of Paid Up Capital Required?

Minimum paid-up capital required to get EXIM code number is Rs. 25 Lakhs(2.5 Million).

But,

If EXIM code number is only for Export of goods then for such person paid capital extent is not required.

Which Orginal documents are required?

Following Documents required original:

1. Application Letter with signature according to Schedule - 1.
2. Recommendation Letter according to Schedule -2  if the applicant has a bank account.
3. Minimum 1 year of bank Guarantee of Rs. 3 Lakhs(0.3 Million) from the Commercial Bank (A-Grade) Licensed by Nepal Rastra Bank limited.

How many EXIM code can a Single person get?

Only one EXIM code is provided to a single person. No more than 1 EXIM code is provided to single.

What is the proof of EXIM Code?

You will get a Certificate from the department of customs which include EXIM code provided according to Schedule-3.

Do we need to renew EXIM Code?

Yes, you need to renew EXIM code every year. You need to fill-up the form of Schedule -5 online to renew.

When to renew EXIM code?

If you want to renew EXIM code for next year then you need to pay the fee in advance this year. Every year you also need to send bank guarantee for renewing EXIM code.

Who does not need EXIM code?

At a time if you are importing up to Rs. 5,000 goods or if you are exporting up to 5,00,000 Lakhs (0.5 Million) goods a time then you do not need EXIM code.

But,

If you are holding EXIM code then if you are importing or exporting goods of whatever price then you must include EXIM code. Exim code is compulsory for a holder of this code.

Conclusion:

EXIM code is the code which is needed for the person or company or organization are included in this topic. Now, we want to hear from you further about this code. If you have any confusion then you can directly comment below and raise your question. 

Thank you

VISIT BKG LATEST NEWS

😃😃😃Keep Sharing and Keep Caring Yourself😃😃😃