IEC Code Requires Renewal Every Year, else De-activated
DGFT has issued a notification for applying, updating IEC (Now e-IEC). It is mandatory Every year from April to June even if, all details of IEC remain same all existing holders have to confirmed compulsory. Otherwise, IEC may be de-activated if not upgraded. In this article, we will discuss IEC Code Requires Renewal Every Year, else De-activated.
DGFT Notification on IEC Code Requires Renewal Every Year
In exercise of powers discussed by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as revised from time to time, the Central Government has amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.
Further, DGFT applying a new amendment for updating IEC (Now considered e-IEC). Now, every year from April to June even if all details of IEC remain same all existing holders have to confirmed compulsory. IEC may be de-activated if not confirmed.
New Amendments for 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.
Amendment in the name of Importer-Exporter Code (IEC) as now it is Importer-Exporter Code (IEC)/(e-IEC)
Also, the application process for IEC and up-gradation in IEC is entirely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook of Procedure.
Further Significant Amendments by DGFT
The following sub-paragraphs are entered under para 2.05 of Chapter-2 of Foreign Trade Policy, 2015-2020 as under:
1 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.
2 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.
3 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.