Update | Importer-Exporter Code (IEC)
The excerpt from the notification issued by Ministry of Commerce & Industry DGFT, kindly bring it into the notice of your clients:
(Amendment of Importer-Exporter Code (IEC) related provisions):
|2||Subject||Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020|
|4||Applicability||As per notification attached|
|5||Brief description||IEC related provisions in Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 are amended/deleted and new provisions inserted. It is provided that 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.
An IEC shall be de-activated, if it is not updated within the prescribed time. 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.
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 Handbook of Procedure