A critical news for exporters and importers in India. The news related to IE Codes. With effect from October 6, the Ministry of Commerce has decided to deactivate all Importer-Exporter (IEC) codes that have not been updated since January 2005, an action that will aid in accurately assessing the number of legitimate exporters and importers in the nation. This article discusses the latest update by the Ministry of Commerce on IEC Modification.
What is IEC?
Import Export Code is a ten-digit number assigned by the Directorate General of Foreign Trade (DGFT) for starting an import-export business. An IEC Code registration is a mandatory requirement for all firms and individuals involved in the import and export of goods and services.
Or in other words – An IEC code is required in the following circumstances:
- When an importer imports goods and services outside India.
- When an exporter has to export goods and services shipments abroad.
The Director-General of Foreign Trade (DGFT) issues Import-export code and you can get IEC Code by Applying the IEC Code Online Registration
Is there a different IEC Code Registration for Import and Export?
Import and export do not require different codes, and the same IEC can be used for both activities. Many people believe that a distinct IEC code is necessary, however, this is not the case. There is just one registration required, which is necessary for both import and export, and the same IEC code can be used for both import and export. Obtaining an IEC code has several advantages for enterprises. Also, Read the – Documents required for IEC Code Registration
Notification by Ministry of Commerce on IE Codes license deactivated, if not renewed
The latest notification on IE Codes License deactivated if not renewed is as follows.
- With effect from October 6, the Ministry of Commerce has decided to deactivate all Importer-Exporter (IEC) codes that have not been updated since January 2005, an action that will aid in determining the true number of actual exporters and importers in the nation.
- According to a commercial opinion from the DGFT, the General Directorate of Foreign Trade (DGFT) requires all IEC holders to ensure that their IEC Codes are updated online every year between the months of April and June. Read the DGFT notification on IEC Code Renewal at – IEC Code Requires Renewal Every Year, else De-activated
- Any IEC that has submitted an online update request but is awaiting clearance from the DGFT RA (regional authority) would be exempt from the deactivation list. In addition, IEC holders should apply for IEC modification Online for reactivation.
- “In the case of a successful update,” the notification states, “the provided IEC will be activated again and communicated to the customs system with the revised status.”
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