Important formalities in yetting an export licence are as follows
(i) Opening a hank account in any bank authorised by the Reserve Bqnk of India (RBI) and getting an account number.
(ii) Obtaining Import Export Code (IEC) number from the Directorate General Foreign Trade (DGFT) or Regional Import Export Licensing Authority.
(iii) Registering with appropriate export promotion council.
(iv) Registering with Export Credit and Guarantee Corporation (ECGC) in order to safeguard against risks of non-payments.