DGFT extends the deadline for updating of IEC on an Annual Basis as many registrants were missing the deadline. As we know, the second wave of the Coronavirus pandemic hit India very hard. Most of India was under lockdown. Therefore, businesses face many difficulties to update IEC. In this article, we will discuss DGFT extends deadline for IEC Renewal.
DGFT Notification on IEC Code Requires Renewal Every Year
Earlier, The Director-General of Foreign Trade (DGFT) issued a on Notification in February 2021. The notification made it mandatory to update and validate their IEC Details, even if there are no changes. It was necessary to update IEC (Importer -Exporter Code) from April to June once every year through an Online system.
Furthermore, failing to update the IEC led to the deactivation of the same. Consequently, no import or export business activity will be permissible. However, the DGFT has issued a new notification on 1st July 2021 regarding IEC Code updation.
DGFT extends deadline for updating of IEC on Annual Basis
As per the New notification by DGFT, the deadline for updating the IEC code is extended to 31st August 2021. However, exporters or importers having IEC Registration must note that it is applicable for the financial year 2021 only.
Besides, DGFT has announced the fee payable for modification of IEC done during July 2021 will remain `Nil’.
Know about IEC Registration
The Import-export code is issued by the Director-General of Foreign Trade (DGFT), and it is a 10-digit code that has lifetime validity. The IEC registration is mandatory for every individual looking to commence his own import/export business in the country.
List of Documents Required for IEC
- Pan card of individual or firm or company;
- Copy of individuals’ voter ID or Aadhaar card or Passport;
- Canceled cheque copy of the current bank account of individuals or companies or firms’.
- Copy of rent agreement or electricity bill;
- A self-addressed envelope for delivery of IEC certificate through the post.
NOTE- Businesses having IEC Code shall update the same before 31st August to avoid the last-minute rush. Moreover, the fee is nil for modification till 31st August.
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