How to Update IEC: Know the Process By CS Shubham Phule



Directorate General of Foreign Trade vide its Notification No 58, dated 12th February, 2021 came up with provisions for Amendment of Importer Exporter code related provisions under Chapter-1 and Chapter -2 of the Foreign Trade Policy 2015-2020.

As per the amended provision an IEC Holder has to ensure that details in his IEC is updated every year, during April- June period and in case there is no details the same also needs to be confirmed online.

This year the due date for updating of IEC has been extended till 31.07.2021 due to pandemic Covid 19.

Process

1. Login with User Id and Password on the DGFT Portal i.e. dgft.gov.in

2. Fill General details like:-

  1. Nature of Concern

  2. Firm Name

  3. Pan

  4. Date of Incorporation

  5. Category of Exporter

  6. Whether Firm is located in SEZ?

  7. CIN

  8. GSTIN

  9. Firm Mobile No and Email id

  10. Whether firm is located in Export Oriented Unit, Electronic Hardware Technology Park, Software Technology Park or Bio-Technology Park scheme?

  11. Address

3. Partners Details: Add details of partners/directors like:-
  1. DIN No

  2. PAN No

  3. Date of Birth

  4. Name

  5. Address

  6. Pin Code, district and State

4. Bank Information: In this Tab following details is to be filled:-
  1. Account Number

  2. Account Holder Name

  3. IFS Code

  4. Bank Name

  5. Branch Name

5. Preferred Sectors of Operations: In this tab following details is to be selected:-
  1. Import

  2. Export

6. Declaration: In this Tab we have to give declaration regarding the entity is not penalized under the following acts:-
  1. Customs Act, 1962.

  2. Central Excise Act, 1944.

  3. Foreign Trade Development and Regulation Act, 1992.

  4. Foreign Exchange Management Act etc.

  5. Conservation of Foreign Exchange, Prevention of Smuggling Activities Act, 1974.

  6. None of the Directors/ Partners is in the denied entity list.

7. Application Summary: We have to check the details filled under all the tabs is correct or not.

8. Submission: We can submit via Aadhar based OTP of Director or Authorised Signatory link on the Portal or via entity based Digital Signature Certificate.

Following Points to be considered:-

  • In case if there are no changes in the IEC details then also it is required to be updated or needs to be confirmed online every –year during April to June period.

  • An IEC shall be deactivated, if it is not updated within prescribed time. If deactivated 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 be flagged for scrutiny, IEC holders are required to ensure that any risks flagged by the system is timely addressed; failing which the IEC shall be deactivated.

Lex comply

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