| SI No |
Registrations / Licenses |
Compliance |
| 1 |
Product Title |
Importer Exporter Code (IEC) |
| 2 |
Legal framework |
Section 7, 8 and 9 of The Foreign Trade (Development And Regulation) Act, 1992
DGFT’s Trade Notice No. 09 dated 12.06.2017
DGFT’s Trade Notice No. 01/2021-2022 dated 29.04.2021 |
| 3 |
Regulatory Body |
DGFT
(Directorate General of Foreign Trade)
It is responsible for formulating and implementing the Foreign Trade Policy
with the main objective of promoting India’s exports. The DGFT also issues
scrips / authorizations to exporters and monitors their corresponding
obligations. |
| 4 |
Objective |
To bring uniformity and identity among the Importers & Exporters (Firm/Company/LLP etc.)
An IEC is a 10 character alpha-numeric number and with effect from 12-06-2017 PAN of an entity would be used as the Import Export code (IEC). |
| 5 |
Categories |
IEC
(Registration / Linking / Amendment / Updating / Merger / Demerger) |
| 6 |
Benefits |
Benefits:
Can apply and track all import and export activities easily.
Receive notifications over Dashboard, email and mobile |
| 7 |
Applicability / Eligibility |
IEC is mandatory for any Importer and Exporter to do import and / or Exports. |
| 8 |
Validity |
An IEC allotted to an applicant shall have lifetime validity unless cancelled by
the competent authority / an application for cancellation filed by an IEC
holder for cancellation. |
| 9 |
Forms & Due Dates |
Forms:
Need to file online application in ANF-2A and will be issued in ANF-2A(II).
Due Date:
IEC is to be updated electronically every year, during April-June Period. |
| 10 |
Amendments / Renewal / Surrender |
Modifications:
Modifications in IEC’s / e-IEC’s relating to change in Branch Office / Head Office / Registered Office Address, Cancellation of existing numeric IEC, PAN change in existing numeric IECs, change in details like name, address, constitution ,ownership in Proprietorship
Firms, change in nature of the Firm e.g. from Proprietorship to Partnership etc.
Renewal:
As the validity of IEC is permanent there is no requirement of renewal.
Surrender:
An IEC holder may surrender the IEC, if he does not wish to operate allotted IEC. |
| 11 |
Government Fee |
Rs. 500 |
| 12 |
Penalty for Non Compliance / Other Provisions / Guidelines |
There is no penalty in monetary terms. An IEC will be de-activated if it is not
updated within the prescribed time. An IEC so de-activated may be activated,
on its successful updating. An IEC can be placed under if any obligation. |
| 13 |
Guidelines / Other Provisions |
Merger / Acquisition / Liquidation:
In case of change in constitution of a PAN based IEC by way of merger, acquisition, liquidation, inheritance etc. such that PAN of the new entity so formed is different from the earlier one, an IEC can be availed against the new PAN, if not existing already. Previous IEC(s) can also be operationally linked to the PAN / IEC of the new entity.
Obligations under the old / previous IEC can be linked to new entity upon submission of a request along with supporting documents. Concerned RA may sanction the given linkage after due scrutiny of the evidence provided. After RA approval, Previous IEC(s) shall be treated as surrendered. |
| 14 |
Checklist |
The following documents are required for IEC Registration:
- Digital Signature Token
- PAN
-
- Mobile Number and Email Id
- Address Details of Branch Office
- Address Proof of applicant
- Bank Account in the name of IEC Holder (Cancelled Cheque)
- Aadhar Card matching the details with PAN Card
|
| 15 |
Venn Timelines |
24 – 48 Hours from the complete documentation |
