Import Export Code requires renewal every year during April-June period. Failing to do so will result in deactivation of the IEC license. Earlier it was not needed to renew each year.
But on 12th February, 2021, Central Government made amendments in Import Export acide related provisions under chapter 1 and 2 of Foreign Trade Policy. This amendments made updation of IEC code details mandatory for all IEC or e-IEC holders on DGFT portal each year.
All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible. Refer Ntn.58 https://t.co/MqUfXiI7Sz
— DGFT (@dgftindia)
Documentation: Provide all the related documents and details in regards with the import export certificate in order to process the application for the renewal of IEC code.
Filling of application: Once all the details and documents are available, file the renewal application on the portal itself. Once the application is duly filled make the payment respectively.
Renewal approval: After the application is submitted successfully, the authorities will examine the application and after the successful verification of details and documents. DGFT will reissue or renew the existing IEC certificate for the respective applicant.
The professional fees of renewing or updating IEC code is Rs. 999.
In effect from 12th February 2021, Central Government has made renewal or update of Import Export Code details mandatory on DGFT portal. It is now compulsory for all the IEC License holders have to update their IEC Code status each year during April-June Period. Even if there are no upgradation of details, same needs to be updated online. Registered AD code will turn invalid incase IEC is not updated annualy.
Therefore, if you want to run your import export business legally and smoothly then you must renew your IEC code in due time.
These amendments of Importer Exporter Code related provisions are made under Chapter 1 and 2 of Foreign Trade Policy, 2015-2020.
In exercise of powers discussed by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as revised from time to time, the Central Government has amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.
Further, DGFT applying a new amendment for updating IEC (Now considered e-IEC). Now, every year from April to June even if all details of IEC remain same all existing holders have to confirmed compulsory. IEC may be de-activated if not confirmed.
The following sub-paragraphs are entered under para 2.05 of Chapter-2 of Foreign Trade Policy, 2015-2020 as under:
Importers and Exporters having IEC Code or license needs to ensure timely renewal, as an expired Importer Exporter Code is treated the same as not having any IEC code. If you continue to run an import export business without timely renewal, your IEC code will be deactivated by DGFT. It may result in unnecessary hustle as the IEC code is required during customs, shipping and international trade. So, it is best advised to renew and update the IEC code in due time to avoid cancellation or deactivation of your code.
At Liquetax, we leverage our industry knowledge and expertise to help businesses navigate complex regulations, minimize risks, and optimize operations for maximum efficiency and profitability.
Liquetax, Private Limited SF-193, Second Floor Gaur City Centre,
Gautam
Buddha Nagar, Greater Noida, UP India, 201009
Reliable
Affordable
Assurity
They've been very helpful in our registration with ICEGATE. It was a small thing with a small amount paid which somehow escalated to a very painful procedure. Never did they say "You've only paid so much. It's too much effort for us.".
