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February 13, 2021

Now Update IEC code every year, else de- activation

by CA Shivam Jaiswal in Compliance Law

Now Update IEC code every year, else de- activation

New circular for applying, updating IEC (Now e-IEC). 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 updated/ confirmed. Whatever queries raised by DGFT will be flagged in IEC and reply has to be given within specified time.

Detail circular below

Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020

S.O.(E): In exercise of powers conferred 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 amended from time to time, the Central Government hereby amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.

Following paragraphs of Foreign Trade Policy, 2015-2020 are amended as below:

Existing TextAmended Text
1.11 Issue of e-IEC (Electronic- Importer
Exporter Code)
1.11 e-IEC (Electronic-Importer Exporter Co
de)
(a) Importer Exporter Code (IEC) is a mandatory for export/import from/to India as detailed i n paragraph 2.05 of this Policy. DGFT issues Importer Exporter Code in electronic form (e- IEC). For issuance of e-IEC an application can be made on DGFT (http//:dgft.gov.in). Applicant can upload the documents and pay the requisite fee through Net banking. Applicant shall, however, submit the application duly signed digitally.Importer Exporter Code (IEC) is mandatory for export/ import from/to India as detailed in paragraph 2.05 of this Policy. DGFT issues Importer Exporter Code in electronic form (e-IEC). Application for issuance of e-IEC can be made directly     on the
DGFT web portal (https//www. dgft.gov.in).
2.05 Importer-Exporter Code (IEC)2.05 Importer-Exporter Code (IEC)/(e-IEC)
(c) Application process for IEC is completely online and IEC can be generated by the applicant as per the procedure detailed in the Hand book of Procedure(c) 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

The following sub-paragraphs are inserted under para 2.05 of Chapter-2 of Foreign Trade Policy, 2015-2020 as under:

FTP
Paragraph
no.
Text added (New)
2.05(d)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.
2.05(e)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.
2.05(f)An IEC may be also be flagged for scrutiny. IEC holder(s) are required to ensure that any risks flagged by the system is timely addressed; failing which the IEC shall be deactivated.

The sub paras 1.11(b), 1.11(c) and 1.11(d) of Foreign Trade Policy, 2015-2020 are deleted.

Effect of this Notification: IEC related provisions in Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 are amended/deleted and new provisions inserted.

This issues with the approval of Minister of Commerce & Industry.

Director General of Foreign Trade& Ex- officio Addl. Secretary to the Government of India

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