How to Surrender IEC Code ?
IEC (Import Export Code)
- Import Export Code (in short IEC Code) is a ten-digit number granted by Directorate General of Foreign Trade (DGFT) under Ministry of Commerce and Industry, to any Bonafede person/ company for carrying out import/export.
- Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
IEC Surrender
- When the IEC holder voluntarily revokes his rights to use the IEC for whatsoever reason, it is said to be the IEC Surrender.
- If the IEC License is no longer in use or the IEC holder does not intend to use the IEC license, it is advisable to surrender the same rather than renewing the same every year.
When require to surrender IEC License ?
- When one closes down his / her Business.
- When the IEC holder winds up his / her Company.
- When the IEC Holder sells his / her business of Import and Export Code.
- When one closes the division of the Import export in the business.
- However, As the IEC is a ten-digit code granted on the individual PAN or company PAN, One should not surrender an existing IEC number that is not linked with the PAN and apply a new one.
- As the Importer / Exporter shall not be able to apply again for IEC with the same PAN even if he gets numeric IEC surrendered / cancelled.
How to surrender IEC License online?
When an IEC Holder wishes to surrender his IEC License online, he can do so by filing an online request of IEC Surrender on the DGFT website. Submit the documents and the application for the IEC Registration. Once the application is submitted, your IEC License shall be considered to be surrendered and the same will be revoked for all the future transactions.
Documents and Details required for IEC Surrender
- Registered Email Address and Password
- Firm Name
- Location and Address of the Business
- PAN Card of the IEC Holder
- IEC License Number
- Enclosure of original IEC certificate
- Covering letter addressed to the Additional Director General of Foreign Trade
Important Note: Once the IEC is surrendered, the issuing authority will inform all the concerned departments such as the RBI/Customs/Licensing authorities that the said IEC number has become inoperative.