India’s Directorate General of Foreign Trade (DGFT) recently notified amendments to provisions related to the Importer-Exporter Code (IEC) under Chapter 1 and Chapter 2 of the Foreign Trade Policy, 2015-2020. The notification said an IEC holder has to ensure details in its IEC is updated electronically every year during the April-June period.
The amendment allows applying for issuance of an e-IEC, the electronic version of an IEC, and updating it on the DGFT portal.
In cases where there are no changes in IEC details, that also needs to be confirmed online. An IEC shall be deactivated, if it is not updated within the prescribed time.
An IEC may also be flagged for scrutiny. IEC holder(s) are required to ensure that any risks flagged by the system are timely addressed, failing which the IEC shall be deactivated.Click here to read the notification
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