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Annual IEC Updation
All holders of the Importer Exporter Code (IEC) are now mandated to update and verify their IEC details annually, regardless of whether there have been changes. The online system must complete this process between April and June each year. Non-compliance will result in the deactivation of the IEC, consequently blocking any import or export activities.
• Mandatory Annual Update: Every IEC holder must ensure their IEC details are updated electronically annually during April-June.
• Confirmation of Unchanged Details: In cases with no changes to the IEC details, this status must be confirmed online within the same period.
• Deactivation for Non-Update: An IEC will be de-activated if it is not updated within the stipulated timeframe.
• Reactivation Post Deactivation: A de-activated IEC can be reactivated upon successful updating. However, this reactivation is subject to compliance with other FTP provisions, and non-compliance may invite additional actions.
• Scrutiny and Compliance: IECs may be flagged for scrutiny. The IEC holder is responsible for promptly addressing any risks or issues flagged by the system. Failure to do so will result in the deactivation of the IEC.
In the dynamic world of international trade, maintaining compliance with regulations and staying updated with the latest requirements is essential. One crucial aspect for importers and exporters is the annual updation of their Import Export Code (IEC). The IEC is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in many countries. This blog aims to provide a comprehensive guide to the annual updation of the Import Export Code.
Annual IEC Updation Benefits
- Facilitates Global Trade: The IEC is essential for importing and exporting goods, acting as a gateway for global market access.
- Customs Clearance: Simplifies clearing shipments at customs for imports and exports.
- Eligibility for Government Schemes: Enables businesses to avail themselves of benefits under various export-promotion schemes by the DGFT and other related authorities.
- No Filing of Returns: Once obtained, IEC does not require filing any returns, easing administrative burdens.
- Lifetime Validity: IEC, once issued, is valid for the lifetime of the entity, eliminating the need for renewal.
- Bank Transactions: Necessary for all foreign trade transactions and dealings with banks.
- Easy Processing: A straightforward and digitalised application process makes it accessible and efficient for businesses.
- Recognition: Recognized by most trade and export promotion bodies, adding credibility to business transactions.
FAQs
The annual renewal of the Importer Exporter Code (IEC) is not just a regulatory requirement; it also provides an opportunity to update all previously submitted information on the Directorate General of Foreign Trade (DGFT) portal. During the IEC renewal process, you can modify key aspects of your certificate, including.
