What is IEC and How to apply the IEC? | IEC updation details
Posted On July 26, 2021
What is IEC?
The Importer-Exporter-Code (IEC) is an important trade identification number that is mandatory for exports or imports. Nobody is allowed to import or export, except under an IEC number assigned by the DGFT. In the case of the import or export of services or technologies, the IEC is only required if the service or technology provider benefits from the foreign trade policy or deals with certain services or technologies.
Uses of the IEC:
It serves as a permit to expand your business in the international market. The IEC is a unique code, it does not expire; Therefore, no type of renewal is required; once an IEC has been awarded, no notification is required as all the information on the imported / exported goods is given, reducing the flow of illegal goods certain taxes paid on the export of goods.
Situations where IEC is required
If an importer has to declare his shipments, the customs authorities need it.
If an importer sends money abroad via banks, then the bank needs it.
If an exporter has to send his shipments, then it is necessary at port
If the bank receives money in foreign currency directly into his bank account, the bank will ask
IEC updation Validity:
Foreign trade policy has amended from time to time, The central Govt of India has hereby amended the IEC related provisions under the below notifications (2015-2020)
As per the Govt. norms the IEC code has the time to update between April and June and the application updation is completely on Online for more details find the below points:
As per the Notification – 58 (2015-2020)
1. 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 below mentioned link.
2. An IEC holder has to ensure that details in its IEC is updated electronically every year, during April – June period. In cases where there are changes in IEC details same also needs to be confirmed online.
3. An Importer Exporter Code shall be de-activated, if it is not updated within the prescribed time. An Importer Exporter Code 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.
4. An Importer Exporter Code may be also be flagged for scrutiny. Importer Exporter Code holders are required t ensure that any risks flagged by the system is timely addresses failing which the Importer Exporter Code shall be deactivated.
As per the Notification of 11 (2015 -2020), Indian government has updated the notification with an extension of the registration date up to July 2021. For more details find the below revised points:
1. Existing Provision:
An Importer Exporter Code holder has to ensure that details in its Importer Exporter Code is updated electronically every year, during April-June Period. In cases where there are no changes in Importer Exporter Code details same also needs to be confirmed online.
2. Revised Provision:
An Importer Exporter Code holder has to ensure that details in its Importer Exporter Code updated electronically every year, during April – June period. However, for the current year only, this period is extended by another month i.e., till 1 st July 2021.
In Cases where there are no changes in Importer Exporter Code details same also needs to be confirmed online. Period of Modification of Importer Exporter Code is extended for the year 2021 – 2022 only till 31-07-2021, and no fee shall be changed on modifications carried out in Importer Exporter Code during the period of up to 31 st July 2021.
Certificate Of Import Export Code
No export or import will be made with the aid of using any character without an Importer-Exporter Code range until especially exempted. DGFT has lately brought the ability of issuing Importer Exporter Code in digital form (e-IEC).
For issuance of e-IEC a utility may be made on line on DGFT website. Applicants can add the files and pay the desired rate via Net banking. Processing of such packages with the aid of using Regional Authority (RAs) of DGFT might be completed on line and a digitally signed e-IEC might usually be issued/ e-mailed to the applicant.
In case the utility is incomplete or in any other case ineligible, the identical will be rejected and a Rejection letter/email (with motives for rejection) might be dispatched to the applicant. Application for trouble of e-IEC also can be crafted from e Biz platform.
How Enrich Services Assist
We may also help you in documentation, online submitting of utility and Coordination with Concerned Authority for issuance of Certificate of Importer Exporter Code.
For more details Contact us: +91 7288077744
Sudheer Varma Vegesna