All About IEC Modification and Documents required for Modification of IEC (Importer-Exporter Code)

Introduction

Unquestionably, a unique Import Export Code acts as a portal into the international market, giving you access to a vast platform of lucrative growth chances for your company. Indeed, our government’s primary preoccupation has been the encouragement of exports. In recent years, the trade and commerce authorities have implemented a number of initiatives and schemes aimed at encouraging Indian exports. With the unique Import Export Code, Indian enterprises active in the import-export sector can directly access these efforts. In this blog there is a detailed information on what is IEC Modification, Documents required for modification of IEC, and other relevant information on Importer-Exporter Code.

What is IEC Modification?

IEC modification refers to any alteration or adjustment made to the details of a corporate entity’s unique Import Export Code. Any export merchant who desires to amend his Import Export Code Certificate must do so as soon as possible after filing an application for IEC modification.

Characteristics of IEC Modification

The Import Export Code is valid indefinitely. This also implies that the IEC certificate does not need to be renewed. However, if there is a change in the office address, partners, or anything else, we can continue to utilize the same IEC code after making the necessary changes.

To begin with, export and import are critical for any country’s economy since they bring precious foreign cash into the country. As a result, the government has proposed a number of incentive programs to encourage exporters, including one that allows exporters to receive a refund of around 5% of the invoice value.

When you change the specifics in the import-export code, all of the data in government agencies like the DGFT and customs is updated. If the information in the IEC is inaccurate, there may be issues during the export and import procedure.

Requirement of IEC Modification

It is critical to keep all of a company’s data up to date. That is, branch information and activity status in the Import Export Code, such as manufacture or merchant. If this is not done, then there will be implications throughout the import-export procedure as a result of the DGFT and customs details not matching. Almost anything can be modified according to IEC. Adding branch information, changing the address, changing the PAN (Permanent Account Number), changing the director, deleting or adding a partner, and so on. Thus, when a business owner make changes in any of the related activity then it needs to be updated.

Documents required for Modification of IEC

The requirement of documentation in case of modification of IEC is the same as in the case of fresh application of IEC:

• Photograph of applicant
• Self-attested PAN Card of applicant
• Entity Pan Card (if any)
• Pre-printed Cancelled Cheque/ bank certificate of the applicant
• Address Proof of the Entity (Sale Deed/ Rent Agreement/ Latest Electricity Bill/ Latest Mobile Bill/ Latest Landline Bill).

Fees to be paid: Payment of Rs. 200/- is to be made for modification.