All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through the Online system, failing which their IEC shall be de-activated and no import or export activity will be possible.
IEC-related provisions in Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 are amended/deleted and new provisions are inserted. It is provided that An IEC holder has to ensure that details 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 needs to be confirmed online.
An IEC shall be de-activated, if it is not updated within the prescribed time. 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.
The 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.
With the increase in international transactions, the world is getting smaller. In India, Import Export Code registration is necessary to execute international transactions.
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Notification No. 58/2015-2020
New Delhi, Dated: 12th February 2021
Subject: Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 S.O. 656(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. The following paragraphs of Foreign Trade Policy, 2015-2020 are amended as below:
The following sub-paragraphs are inserted under para 2.05 of Chapter 2 of Foreign Trade Policy, 2015-2020 as under:
4. 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 are inserted. This issues with the approval of the Minister of Commerce & Industry.
(Amit Yadav)
Director-General of Foreign Trade & Ex- officio Addl.
Secretary to the Government of India
If you have any clarifications or questions about the Information on IEC Deactivation by DGFT, and IEC Deactivation Process by DGFT, contact us and we will assist you. If you are looking to make the whole compliance process easy for you, we have the best solution for you: www.iconnectfinance.com Do check it out. I Connect Financial Solution offers the service of Import-Export Code (IEC) in Pune.