Import Export Code:  6 misconception about IEC modifications

Introduction

The Import Export Code (IEC) is a unique 10-digit code that is mandatory for individuals or companies who wish to engage in cross-border trade activities. However, there are several misconceptions about IEC modification that need to be addressed. In this article, we will discuss some common misconceptions about IEC modifications.

What are common misconception about IEC modifications?

There are  lot of misconceptions about the changes in Import Export Code. Some of them are listed below-:

Misconception 1# IEC Modification is a time-consuming process

One of the most common misconception about IEC modifications is that it is a time-consuming process. However, this is not true. The recent changes made in the IEC process, the modification process has become simpler and faster. The applicant can now submit the modification application online and can track the status of their application in real-time. The new process is not only faster but also more convenient for the applicant.

Misconception 2 # IEC Modification is expensive

Another common misconception about changes made in the IEC process is that it is expensive. However, the truth is that the modification process is relatively inexpensive. The modification fee is nominal, and it depends on the type of modification required. The fee can be paid online, and the payment process is quick and secure.

Misconception 3: IEC Modification is Complicated

Many people believe that the process is complicated, but this is not entirely true. The DGFT has introduced a new system for processing IEC modification called the ‘Aatmanirbhar Bharat Self-Reliant India’ platform. This platform has been designed to provide a hassle-free, quick, and transparent system for processing the changes in the Import Export Code. The platform will enable applicants to submit their applications online and track the status of their application in real-time. The process is simple and can be completed in a matter of minutes.

Misconception 4 # IEC Modification is not required

Another common misconception about changes in IEC is not necessary. However, any changes in the information provided during the IEC application process require a modification in the Import Export Code. The updated information must be submitted within 180 days from the date of issue of the Import Export Code. Failure to update the information within the given time frame may lead to cancellation of the IEC.

Misconception 5 # IEC Modification cannot be done online

Some people believe that the changes cannot be done online. However, the DGFT has introduced a simplified process for alteration in the Import Export Code, which can be done entirely online. The applicant can submit the modification application online and can track the status of their application in real-time. The process is simple, quick, and convenient.

Misconception 6 # IEC Modification is only required for commercial transactions

Another misconception is that IEC modification is only required for commercial transactions. However, this is not entirely true. The Import Export Code is mandatory for all cross-border trade activities, including commercial, non-commercial, or personal transactions. Therefore, any changes in the information provided during the IEC application process require changes in the IEC.

Conclusion

In conclusion, there are several misconceptions about modifications in Import Export Code that need to be addressed. The changes in IEC are not time-consuming, expensive, or complicated. Any changes in the information provided during the IEC application process require changes in IEC, and the process can be completed entirely online. The recent changes made in the IEC process have made the process simpler and faster. It is essential to clear any misconception about the changes in Import Export Code to promote cross-border trade activities and make India a more attractive destination for foreign investment.