How to Renew IEC Code online? And information on Renewal of an IEC License

Introduction

The possibilities for importing and exporting goods and services have grown in an increasingly digitized world. It is possible to profit from selling your essential items abroad, whether you are a partnership firm or a corporation. It may also be profitable to source pieces of your product from nations where they are less expensive. As a result, the Import Export Code is a crucial document for any international trade of products. In this article, we’ll look at “How to Renew IEC Code Online?”, the requirements of a Renewal of an IEC License, and other information on the IEC Code Renewal.

What is IEC Code?

The Director-General of Foreign Trade (DGFT), Ministry of Commerce, issues the Import Export Code, which is a ten-digit number. The IEC application is granted for a lifetime after it is submitted.

An Importer-Exporter Code (IEC) is a critical business identifying number that must be used while exporting from or importing into India. Unless specifically exempted, no person may export or import without first obtaining an IEC.

Renewal of an IEC registration  

This has been recently updated by the DGFT that every IEC holder will require to ensure that the details of his/her Import Export code need to be updated electronically every year from April to June.

Even when there are no changes during a year, the same needs to be confirmed online every year.

Consequences for not applying for IEC Code Renewal 

• The IEC license will be deactivated if it is not updated within the specified time frame.

• On successful updation, an IEC that has been de-activated can be enabled again.

• This would be done, however, without prejudice to any other action taken for a breach of any other FTP regulation.

Documents required for IEC Code Renewal

• 14 Digit IEC (Importer Exporter Code) License Number.

• PAN card information for all directors, partners, and proprietors.

• Residential address information for all directors, partners, and proprietors.

• Entity PAN Card information.

Note: All of the preceding information must match the information on the registered IEC License.

How to Renew IEC Code Online?

• Go to the DGFT portal and click on update IEC.

• Login to the Import-Export Code dashboard on the DGFT platform.

• For updating your existing IEC, Link your IEC through Aadhar verification or Digital signature on the DGFT dashboard.

• Select update/modify IEC option.

• Once the above step is completed a form related to basic details and other information will be generated.

• Fill in all the information and submit the application.

• After a successful update, the IEC will be reactivated and the revised status will be submitted to the Customs system.

Process for applying for “Revoke Suspension of IEC (Importer Exporter Code)”

The existing IEC certificate that an exporter or importer receives will be suspended by the Director-General of Foreign Trade (DGFT). This could be for a variety of reasons, including:

• Foreign exchange regulations are being broken.

• Customs fraud, excise fraud, or non-compliance with any law

• Putting India’s trade relations in jeopardy

• The DGFT would only do so after receiving notice. They also give the importer or exporter whose license is about to be revoked or suspended a reasonable opportunity to be heard.

After attaching his IEC to the portal, the importer/exporter can petition to have his suspension lifted. The request is completed, signed, and sent via the internet. The request must be authorized by the Regional Office in question (RA). The concerned regional office will initiate the request for revocation of an IEC, which will then be transmitted to DGFT Headquarters for approval.

FAQs on Renewal of an IEC License

1. Is renewal of an IEC License is mandatory?

Every year, from April to June, all IEC holders are legally obligated to update and confirm their IEC Details, even if no changes have occurred, through an online system, failing which their IEC would be deactivated and no import or export activity will be permitted.

2. What are the consequences if my IEC Code Renewal Process is not done?

It is possible that your IEC license will be deactivated if you do not renew it within the prescribed time period by DGFT Authority.

3. What if I altered the name to match my PAN or incorporation date?

All requests for changes to the PAN or changes to the PAN details are filed to the RA Office for approval. Until the request is approved by RA, the status will be “In Process.”

4. If I entered the wrong information earlier, how can I alter my login email and mobile number at the time of login?

• The email address and mobile number are both OTP-validated. However, if you need to make changes, go to Post login -> Manage profile.

• If you forget both your email address and your phone number, you can re-register and link your IEC with DSC.

Conclusion

As per the new IEC Amendments by DGFT, If an IEC is not updated within the specified time, it will be deactivated. On successful up-gradation, an IEC that has been de-activated can be re-activated. This would be in addition to any additional actions taken for violations of the FTP’s (Foreign Trade Policies) other requirements. The DGFT has mandated that all IEC holders ensure that their IEC information is updated electronically every year during April and June (for which no user charges will be borne by the IEC holder).

Suggested Read :

Online IEC Surrender

Role of IEC in International Trade

Documents for Modification of IEC

Import Export License for LLC in USA

LUT for Exporter under GST