Update IEC code by June 30, even if no Changes: DGFT
- The Director-General of Foreign Trade (DGFT) has directed that all Import Export Code (IEC) holders are now legally required to update their IEC details every year from April to June online, even if there are no changes.
- Last date to Update IEC code is June 30, 2021.
- 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.
- An IEC may also be flagged for scrutiny. IEC holder(s) are required that any risks flagged by the system are timely addressed; failing which the IEC shall be deactivated.
Analysis:
- 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.
- 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 are 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.