Update your Import Export Code (IEC)

The Import Export Code (IEC) is a 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, Government of India.

    

 

 

 

 

       

The Import Export Code (IEC) is a 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, Government of India. It is mandatory for businesses or individuals involved in import or export activities in India. Without an IEC, import-export transactions cannot be conducted.

Importance of IEC:

• Facilitates customs clearance for importers and exporters.
• Enables businesses to avail benefits under various government schemes.
• Acts as a proof of identity for international trade transactions.

Recently, DGFT has introduced amendments to IEC-related provisions under the Foreign Trade Policy:

• Annual Updation or KYC: IEC holders must update their details online between April to June each year, even if there are no changes.
• Deactivation and Reactivation: Failure to update IEC details timely can lead to deactivation, which can be rectified upon successful updation.
• Scrutiny and Compliance: IEC holders must address flagged risks promptly to avoid deactivation.

Process of IEC Updation/Modification:

1. Registration/Profile Creation: Create a profile on the DGFT portal with required details like name, email, mobile number.
2. Linking with IEC: Link your profile with the existing IEC using Digital Signature Certificate (DSC) and updated Aadhaar card.
3. Updation Requirements: Update details such as registered address, branch details, bank information, and director/partner details as necessary.

Documents Required for Updation:

• Company PAN Card
• Cancelled Cheque
• Address Proof (GST certificate, agreement copy, electricity bill)
• PAN and Aadhaar of directors/partners
• Digital Signature Certificate (DSC)

Benefits of IEC Registration:

• Business Expansion: Enables access to global markets.
• Government Benefits: Eligibility for incentives and schemes like RoDTEP, SEIS, MEIS.
• No Renewal Required: IEC is valid for the lifetime of the entity.

Therefore, IEC update  is a must for businesses engaged in international trade, ensuring compliance with regulatory norms and facilitating smooth import-export operations. Regular updation of IEC details is essential to maintain active status and avoid disruptions in business transactions.

For more detailed guidance on IEC registration, updates, and compliance, Logo Registration visit the Compliance Calendar LLP website and consult with our legal expert specializing in international trade.