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Corporate Laws Central Ministry of Commerce and Industry Foreign Trade (Development and Regulation) Act, 1992

Amendment of Importer-Exporter Code related provisions under Chapter 1 and 2 of Foreign Trade Policy, 2015-2020

12-Feb-2021 | Notification No.58 /2015-2020

DGFT has amended/deleted and inserted new provisions in IEC related provisions in Chapter-1 and 2 of Foreign Trade Policy, 2015-2020. Following are the highlights of the attached circular.
(a) Importer Exporter Code (IEC) is mandatory for export/import from/to India as detailed in
paragraph 2.05 of this Policy. DGFT issues Importer Exporter Code in electronic form (e-IEC).
(b) Application process for IEC and updations in IEC is completely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook of Procedure.
(c) The following sub-paragraphs are inserted under para 2.05 of Chapter-2 of Foreign Trade Policy, 2015- 2020 as under:
i. An IEC holder has to ensure that details in its IEC are updated electronically every year, during April-June period. In cases where there are no changes in IEC details same also needs to be confirmed online.
ii. An IEC shall be de-activated, if it is not updated within the prescribed time. 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.
iii. An IEC may be also be flagged for scrutiny. IEC holder(s) are required to ensure that any risks flagged by the system are timely addressed; failing which the IEC shall be deactivated.

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