We Are Here To Enrich Your Business !!

Amendments to Importer Exporter Code (IEC)

Amendments to Importer Exporter Code (IEC)

What is Importer Exporter Code (IEC)?

IEC is mandatory for import to India or export from India as it has the business identification number. Import Export license is one of such pre-requisite when you think of importing or exporting from India which is also known as the Importer Exporter Code.

What is Amendment and why is it essential?

The amendment alters and adds previously agreed technical provisions in existing standards which are international according to consensus procedures and has normative documents developed and approved by IEC members which change technical elements which are normative of particular international standards. It is an essential element if you’re planning to start an import or export business.

Is the registration process done online through the official website?

IEC registration process is always done online through the official website of DGFT which is known as Director- General of Foreign Trade. The registration of IEC involves filling out an online application form while submitting required documents with payment. The modification of IEC is also executed online.

Details required for IEC.

The details required for IEC modification are a digital signature, copy of pan card of the applicant, copy of passport, sale deed self-owned, bank certificate, copy of partnership deed, certificate of incorporation, copy of trust deed, and copy of the original certificate.

Will you be able to change the company name, type of exporter, and nature of concern with the help of an online form?

In case of the company name change, the IEC certificate should be updated while filling out online application documents which are required with the application form. In the application form, there is a column of Nature of concern change then you’ve to update while filling the form again. Also, there are merchant exporters, manufacturer exporters, service providers, and merchant cum manufacturer types of exporters in IEC. But if you’re willing for the type of exporter change, you’ve to update the change via filling the form again. If you want your directors/ partners to change if you have any rivalry or you both don’t agree on one decision or don’t come together on one topic you can always opt for directors/ partners change/ inclusion/ deletion via applying the online filling application form for updating all such details.

How will you change bank and contact details with certain office & branch addresses?

If you’re planning for bank details to change then you’ve to update them via filling the form if you have switched bank accounts from the previous one and the details are changed. Someone loses their phone, someone’s phone gets robbed or someone’s phone gets misplaced then obviously you’ve to change contact details. So, if you want to update the details, then a contact detail change should happen for sure. Many people change their offices or location according to how you can buy that property. So, office address and branch address change according to the location change. For that also you have to fill in the application form and update the following details.

Does anyone know what are the situations when IEC is required?

The IEC is required when the importer has to clear shipments from customs, it is needed by customs authorities. It needs a bank, When the importer sends money from abroad to your bank. When an exporter has to clear shipments from customs, it is needed by custom services. It needs a bank when Exporter receives money through foreign currency directly into the bank.

There are various benefits of IEC registration. Do you know what are they?

The benefits of IEC registration are an expansion of business in which IEC assists you in growing business and making your business worldwide. Availing several benefits from DGFT, customs, etc on basis of custom services. No filing of returns once is allotted for sustaining its validity to follow any process. It is for both import and export. We can find the fairly easy process to obtain IEC code from DGFT 10-15 days after the application is submitted. There’s no need for renewal it could be used as an entity against all import-export Transactions.

How will you maintain the IEC profile?

Individuals can use any name they want like their individual name or the company name to register for IEC. You have to maintain an IEC profile annually. If you don’t update the profile it’ll get deactivated and after a successful update, your profile will get reactivated. DGFT issues IEC known as Importer Exporter code which is the alphanumeric number as it is 10 characters.

Top DGFT Consultants

Authors Bio:-

Sudheer Varma Vegesna 

Add a Comment

Your email address will not be published. Required fields are marked *