Tag Archives: Import

Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015- 2020

Notification No. 58/2015-2020: https://bit.ly/3myxxkD

  • 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 Online system, failing which their IEC shall be de-activated and no import or export activity will be possible.
  • DGFT has mandated all IEC holders to update their Importer- Exporter Code (IEC) yearly between April  to  June.  IECs  not updated within this prescribed period would be de-activated.
  • Objective of the given exercise is to prune out inactive IECs and incorrect IEC details. The support of all active IEC holders for this limited updation is kindly solicited.
  • Due care has been taken to not add any specific compliance burden. The given process is automatic and no fees is charged for such updations. The online process can be completed within 5-10 minutes if all details are correct or within 30 minutes otherwise.
  • IECs not updated within this prescribed period would be de- activated(post June).
  • Subsequently, the firms that wish to re-activate their IEC (post de- activation for non-compliance), would be required to update the IEC. IEC shall be auto re-activated on updation after June.

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