What is IEC code?
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
Thus, IEC code is mandatory for all importer and exporter’s. For taking IEC code one needs to visit DGFT website and all the procedure for getting an IEC code is online. Recently an update was made after which all IEC code applications were required to be signed digitally which was not the case earlier.
Now, DGFT vide notification no. 58/2015-2020 Dt. 12.02.2021 has made a few changes in IEC code which are as under:
1. DGFT has made it mandatory that an IEC code holder needs to ensure that details in IEC code are updated annually between April to June and even if there is no change in IEC details same needs to be also confirmed online.
2. If the IEC code are not updated same shall be deactivated.
3. However the same could be reactivated later on it’s successful updation but without prejudice to any other action being taken for violation of any other provision of the FTP.
4. Also, IEC could be flagged for scrutiny and if scrutiny is not addressed within due time the IEC code may be deactivated.
Further in the above notification the requirement for digitally signing the IEC code application form has been removed.
Thus, if you are an importer or exporter it is advisable to immediately update details in IEC code so that your IEC code is not deactivated or else it can affect your import or export orders.
The due date as of now is 30.06.2022 to update your IEC code.
To read full notification CLICK HERE.
It is important to note that for services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
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