IEC Updation

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Updating or Modifying Your IEC (Import Export Code)

The IEC (Import Export Code) serves as a crucial identification document for conducting import and export activities in the country. Import and export transactions cannot proceed without a valid IEC, except in cases where specific exemptions apply.

Previously, upon application for an IEC, a separate identification number was issued by the department. However, with the advent of GST, an individual’s or business entity’s PAN now serves as their IEC number after application with the Directorate General of Foreign Trade (DGFT). The application process relies on self-certification, authenticated through the authorized representative’s digital signature or Aadhar-based KYC.

To obtain an IEC, a business entity must file an online application on the DGFT portal. Some of the required documents for the IEC application include:

  1. PAN of the individual or business entity
  2. Valid Address Proof
  3. Bank account in the name of the business entity

IEC registration is typically valid for a lifetime. However, DGFT has introduced updates to IEC-related provisions in the Foreign Trade Policy under chapters 1 and 2 through a notification (58/2015-2020 dated 12th February 2021). According to this notification, IEC holders must electronically update their IEC annually from April to June, even if there are no changes to the particulars. For the fiscal year 2021-22, the last date for updating or modifying IEC particulars is 30th June. Failure to update within the specified period will render the IEC inactive, requiring reactivation through updation. It is crucial to provide accurate information during the registration or updation process to avoid scrutiny proceedings.

Documents Required for IEC Updation:

  1. Basic Information – IEC Certificate/PAN/GST/Signatory Details
  2. Director/Partner Details
  3. Bank Details – Cancelled Cheque
  4. Digital Signature Certificate (DSC) of Directors (in case of a company/firm)