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 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. However, this would 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.
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