Directorate General of Foreign Trade (DGFT) has issued Notification No 58/2015-20 in order to amend Chapter 1 and 2 of Foreign Trade Policy, 2015-2020 to provide that application process for Importer Exporter Code(IEC) and updation in IEC is completely online and IEC can be generated by the applicant directly from the DGFT web portal as per the procedure detailed in the Handbook of Procedure. Prior to this amendment, nothing was mentioned about the online updation of IEC.
Further, it has also inserted new sub-paras under para 2.05 of chapter 2 of Foreign Trade Policy, 2015-20 as follows –
- An IEC holder has to ensure that details in its IEC is updated electronically every year, during April-June period. In cases where there are no changes in IEC details same also needs to be confirmed online.
- An IEC shall be de-activated, if it is not updated within the prescribed time. IEC so de-activated may be activated, on its successful updation.
- An IEC may be also be flagged for scrutiny. IEC holder(s) are required to ensure that any risks flagged by the system is timely addressed; failing which the IEC shall be deactivated.
For further details please refer the attached document.
Source: Directorate General of Foreign Trade
