IEC details need to be confirmed every year to keep it remain active

IEC details need to be confirmed every year to keep it remain active

In the recent Notification No. 28/2015-2020 dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.

Importer-Exporter Code is a Unique 10 Digit Registration number issued by Directorate General of Foreign Trade (“DGFT”) to every person who is engaged into Import or Export of Goods. In case of import or export of Service, IEC is required only if the service provider is availing any of the benefits given under Foreign Trade Policy.

Gist of changes made with reference to IEC are as follows:

1. Application of amendment of e-IEC to be made online

As per existing text, the process of filing an application for issuance of e-IEC is completely online. Provisions of FTP are amended to provide that the process of amendment in e-IEC is also completely online.

2. Annual updation of e-IEC

In the recent Notification No. 28/2015-2020 dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.

3. Deactivation of e-IEC in case no annual updation is not carried out.

If any person fails to complete updation process within a given time period every year then his IEC shall stand deactivated. However, the same shall be re-activated on successful completion of the updation process. This would however be without prejudice to any other action taken for violation of any other provisions of the FTP.

4. Deactivation of e-IEC in case of scrutiny

Any IEC can be flagged by the system for scrutiny purpose. If any IEC is picked up for scrutiny, then the IEC holder should timely address the risk flagged by the system. If the same is addressed in a timely manner, then IEC shall be deactivated.

5. Deletion of procedural provisions related to issuance of e-IEC.

In order to make complete procedure online, Provisions given under Para 1.11(b) to (d) have been deleted. Under existing provision, procedure of issuance of e-IEC is given under Para 1.11 of FTP (2015-2020). Following provisions are given under Para 1.11 (b) to (d):

  1. Application filed for allotment of e-IEC shall be processed by the Regional Authority (RAs) of DGFT online and a digitally signed e-IEC shall be allotted within 2 working days.
  2. In case application is incomplete or otherwise ineligible, the same shall be rejected and a Rejection letter/email would be sent to the applicant with reasons for rejection.
  3. Application for e-IEC can also be made from the eBiz platform (https://www.ebiz.gov.in).

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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