BY CS Arpit Garg
As per the new notification of any Importer-Exporter Code (IEC) Holder is required to update their IEC (Now considered e-IEC) every year from April to June even if all details of IEC remain same.
Brief on Import Export Code
- Importer Exporter Code (IEC) is obligatory for export/ import from/to India as specified in the Policy.
- DGFT issues Importer Exporter Code in electronic form (e-IEC) where Application for issuance of e-IEC can be made instantly on the DGFT official Notification.
Also, the application process for IEC and up-gradation in IEC is entirely online .
Read our Blog on Import Export Code for further information
Further Amendments by DGFT
The following sub-paragraphs are entered under para 2.05 of Chapter-2 of Foreign Trade Policy, 2015-2020 as under:
- IEC shall be updated electronically every year – An IEC holder has to assure that specifications in its IEC are updated electronically every year, during the April-June period. In cases where there are no changes in IEC details same also requires to be confirmed online.
- IEC shall be de-activated, if it is not updated – An IEC shall be de-activated, if it is not updated within the specific time. An IEC therefore de-activated may be initiated, on its successful up-gradation. This would be without detriment to any other action carried for violation of any other provisions of the FTP.
- IEC may be Flagged under Scrutiny – An IEC may be also be flagged for scrutiny. IEC holders are obligated to assure that any risks flagged by the system are timely declaimed, otherwise the IEC shall be deactivated.
It is mandatory to update the details of Import Export Code Every year in the month of April-June irrespective of any changes else IEC will be de-activated.
For any requirements or queries contact
CS Arpit Garg
Practicing Company Secretary & Registered Trademark Attorney
Founder – Compliance Arena
8447773833