Import Export Code Renewal - Process, Fees, IEC Update, Importance, DGFT Notification

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

1. Importer Exporter Code (IEC) is obligatory for export/ import from/to India as specified in the Policy.
2. 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.
3. Amendment in the name of Importer-Exporter Code (IEC) as now it is Importer-Exporter Code (IEC)/(e-IEC)
4. 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.

Importers and Exporters having IEC Code or license needs to ensure timely renewal, as an expired Importer Exporter Code is treated the same as not having any IEC code. If you continue to run an import export business without timely renewal, your IEC code will be deactivated by DGFT. It may result in unnecessary hustle as the IEC code is required during customs, shipping and international trade. So, it is best advised to renew and update the IEC code in due time to avoid cancellation or deactivation of your code.

The professional fees of renewing or updating IEC code is Rs. 999.