Update IEC or get Deactivated as per DGFT
Shambhavi Sharma / 2021-05-14 09:18:58
The department of DGFT issues the IEC, which is a 10-digit identification number. Importer Exporter Code is another name for it. To begin the business that transaction with imports and exports in the Indian Territory, companies and businesses must obtain this code. In the sector of (import) and (export) it is not possible to conduct business without this code.
To obtain the Import Export Code, you must follow certain procedures and meet certain requirements. You must also follow those guidelines. The IEC code can be obtained from the DGFT offices once you have met the requirements. It has a number of regional offices throughout the country.
How to Apply for IEC?
An application must be submitted electronically to the Regional Authority of the DGFT in the area where the company's office is registered, together with the relevant documentation.
The individual who applies for an IEC Code online must first register with one of the many types of businesses available, such as:
Firm Registration for a Sole Proprietorship
Registration of a corporation, a partnership, a firm, a cooperative society, and so on.
In layman's terms, there should be a legally licensed organisation that meets the requirements of the applicant for registration.
IEC Registration Advantages/benefits
Incentives- The government provides many incentives on their exports from the DGFT, Export Promotion Council, Customs, and other agencies to promote exports.
Validity- Import Export License is a permanent code that is valid for the duration of the company or until the registration is revoked or surrendered, whichever comes first.
No Need for Renewal- Here, nope it is needed to renew An entity's Import Export code ; once received, it can be used for both export and import transactions.
No Filing of Return- because yonder are no recommended returns in the case of IEC, a return with the DGFT is not require.
Update IEC as per DGFT
In first and second Chapters of the FTP, 2015-2020, IEC-related provisions are revised or deleted, and new provisions are included. It is stipulated that every year, during the months of April and June, an IEC holder must ensure that the information in its IEC are updated electronically. When the data of IEC has no change, they must be checked online as well.
Note: Here the FTP describe for foreign Trade policy
If an IEC is not modified within the specified period, it will be deactivated. If the IEC is successfully updated, it can be reactivated. This will be in growth to all variant actions taken for violations of the FTP are other provisions.
IEC applications and updates are completed entirely online, and IEC can be produced by the applicant following the procedure outlined in the Handbook of Pr
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