The Director-General of Foreign Trade (DGFT) notified the amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter 2 of Foreign Trade Policy, 2015-2020.
As per the existing policy IEC is a mandatory for export/import from/ to India. DGFT issues Importer Exporter Code in electronic form (e-IEC). For issuance of e-IEC an application can be made on DGFT website. Applicants can upload the documents and pay the requisite fee through Net banking. Applicants shall, however, submit the application duly signed digitally.
As per the amended text IEC is mandatory for export/ import from/to India as detailed in paragraph 2.05 of this Policy. DGFT issues Importer Exporter Code in electronic form (e-IEC). Application for issuance of e-IEC can be made directly on the DGFT web portal.
As per the existing policy Application process for IEC is completely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook of Procedure.
As per the amended text 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.
The DGFT notified that 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 no changes in IEC details the same also needs to be confirmed online.
An IEC shall be deactivated, if it is not updated within the prescribed time. An IEC 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.
An IEC may also be flagged for scrutiny. IEC holder(s) are required to ensure that any risks flagged by the system are timely addressed; failing which the IEC shall be deactivated.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. We welcome your comments at info@taxscan.in
