On 12th February 2021, the Central Government issued Notification No. 58/2015-2020.
Provisions under Chapters 1 and 2 of Importer-Exporter Code (IEC) of Foreign Trade Policy (2015-20) have been amended.
Any person for whom these amendments are relevant should note the below details:
- IEC is mandatory for all exports to and imports from India
- DGFT issues IEC in electronic format (e-IEC). Applications can be made on the DGFT website: https://www.dgft.gov.in
- IEC application process is 100% online
- IEC can be generated as per the procedure detailed in the DGFT’s “Handbook of Procedure”
Exporters and importers should also note these additions to the Foreign Trade Policy:
- IEC holders must update their IEC every year during April – June
- Even if there are no changes in IEC details, they must confirm the same online (https://www.dgft.gov.in)
- If IEC is not updated within the prescribed time limit given above, it will be de-activated
- A de-activated IEC can be re-activated by updating it online (https://www.dgft.gov.in)
- An IEC may be flagged for scrutiny and IEC holders must address any risks flagged by the system in a timely manner. If they fail to do so, their IEC will be de-activated
As per this circular, sub-paragraphs 1.11(b), 1.11(c) and 1.11(d) of the Foreign Trade Policy have been deleted.
The above provisions are approved by the Minister of Commerce & Industry , Government of India.
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