Electronic Fund Transfer(EFT)-EFT (Electronic Fund Transfer) is a new service offered to exporters that allows them to submit their license fee via the Internet rather than visiting a bank to make the payment. This procedure is being proposed to make electronic payments more convenient. Only electronically filed applications will be accepted. An exporter with a valid Importer Exporter Code (IEC) must have an Internet Banking account, as well as his ID and password, with one of the banks listed below.