Sign in
Schedule A Demo

Annual Updation of IEC-Foreign Trade Policy, 2013

What is the Importer Exporter Code (IEC)?

  • As per Paragraph 2.05 of Foreign Trade Policy, 2023 an IEC (e-IEC) is a 10-character alpha-numeric number allotted to an entity (firm/company/LLP etc.) and is mandatory for undertaking any export/import activities. With a view to maintain the unique identity of an entity, consequent upon introduction / implementation of GST, IEC shall be same as Permanent Account Number(PAN) and shall be separately issued by DGFT based on an online application.

Annual Updation of IEC

 

As per the compliances specified under Foreign Trade Policy

  • An IEC holder has to ensure that details in its IEC is updated electronically every year, during the April- June period. In cases where there are no changes in IEC details same also needs to be confirmed online.
  • An IEC shall be de-activated, if it is not updated within the prescribed period. 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.

 

Consequences of Not Updating IEC Annually

  • No export or import shall be made by any person without obtaining an IEC unless specifically exempted.

 

Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article. 

To stay updated Subscribe to our newsletter today

Explore other Legal updates on the 1-Comply and follow us on LinkedIn to stay updated 

Post Views: 21

Stay Connected

X-twitter Linkedin Youtube

Stay Connected

X-twitter Linkedin Youtube

Subscribe Newsletter

Quick Links

Explore Links

Contact info

  • Head Office:
    9, Dwarikapuri, Jamnalal Bajaj Marg,
    C-Scheme, Jaipur
  • Branches: Anand,Vadodara
  • +91 63778 80064
  • hello@1-comply.com
© 2024,  Compezz Solutions Pvt. Ltd. All Rights Reserved.

Schedule A Demo