The Importer-Exporter-Code (IEC) is an important trade identification number that is mandatory for exports or imports. Nobody is allowed to import or export, except under an IEC number assigned by the DGFT. In the case of the import or export of services or technologies, the IEC is only required if the service or technology provider benefits from the foreign trade policy or deals with certain services or technologies.
It serves as a permit to expand your business in the international market. The IEC is a unique code, it does not expire; Therefore, no type of renewal is required; once an IEC has been awarded, no notification is required as all the information on the imported / exported goods is given, reducing the flow of illegal goods certain taxes paid on the export of goods.
• If an importer has to declare his shipments, the customs authorities need it.
• If an importer sends money abroad via banks, then the bank needs it.
• If an exporter has to send his shipments, then it is necessary at port
• If the bank receives money in foreign currency directly into his bank account, the bank will ask for it.
Foreign trade policy has amended from time to time, The central Govt of India has hereby amended the IEC related provisions under the below notifications (2015-2020)
As per the Govt. norms the IEC code has the time to update between April and June and the application updation is completely on Online for more details find the below points:
As per the Notification – 58 (2015-2020)
1. The application Process for IEC and updation in IEC is completely online and IEC can be generated by the applicant as per the procedure detailed in the below mentioned link.
2. An IEC holder has to ensure that details in its IEC is updated electronically every year, during April – June period. In cases where there are changes in IEC details,same also needs to be confirmed online.
3. An IEC shall be de-activated, if it is not updated within the prescribed time. An IEC so de-activated may be activated, on its successful updation. This would however be without prejudice to any other action taken for violation of any other provisions of the FTP.
4. An IEC may be also be flagged for scrutiny. IEC holders are required t ensure that any risks flagged by the system is timely addresses failing which the IEC shall be deactivated.
As per the Notification of 11 (2015 -2020), Indian government has updated the notification with an extension of the registration date up to July 2021. For more details find the below revised points:
1. Existing Provision:
An IEC holder has to ensure that details in its IEC is updated electronically every year, during April-June Period. In cases where there are no changes in IEC details same also needs to be confirmed online.
2. Revised Provision:
An IEC holder has to ensure that details in its IEC updated electronically every year, during April – June period. However, for the current year only, this period is extended by another month i.e., till 1st July 2021.
In Cases where there are no changes in IEC details same also needs to be confirmed online.
Period of Modification of IEC is extended for the year 2021 – 2022 only till 31-07-2021, and no fee shall be changed on modifications carried out in IEC during the period of up to 31st July 2021.
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