DGFT Amends Import Export Code (IEC) Provisions
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.
IEC related provisions in Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020 are amended/deleted and new provisions inserted. It is provided that 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 the same also needs to be confirmed online.
An IEC shall be deactivated, if it is not updated within the prescribed time. 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.
Application process for IEC and updation in IEC is completely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook of Procedure.
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