The Commerce Ministry’s overseas commerce arm DGFT will deactivate all importer-exporter codes (IECs) that haven’t been up to date after January 1, 2014, with impact from December 6, 2021, a transfer which might assist in figuring out the precise variety of actual merchants within the nation.
The Importer-Exporter Code (IEC) is a key enterprise identification quantity that’s obligatory for exports or imports.
No individual shall make any import or export besides underneath an IEC quantity granted by the DGFT.
On August 8, this 12 months, the Directorate General of Foreign Trade (DGFT) had directed all IEC holders to make sure that particulars of their IEC are up to date electronically yearly through the April-June interval.
“All IECs which have not been updated after January 1, 2014 shall be deactivated with effect from December 6, 2021,” in accordance with DGFT’s commerce discover.
The IEC holders who haven’t but up to date the related data can do this until December 5.
IEC that may be deactivated, would have the chance for computerized re-activation after December 6. For that, a dealer must navigate to the DGFT web site and replace their related data.
“Upon successful updation, the given IEC shall be activated again and transmitted accordingly to the Customs system with the updated status,” the discover mentioned.
According to an business professional, de-activation of IECs helps in decreasing the bottom load of the directorate and it helps in figuring out the precise variety of actual exporters and importers within the nation.
The nature of the agency acquiring an IEC consists of proprietorship, partnership, LLP, restricted firm, belief, and society. After the introduction of GST (Goods and Services Tax), the IEC quantity is identical because the PAN of the agency. — With PTI Inputs