Mandatory Annual Updation of Import-Export Code (e-IEC)
Complying with the DGFT Notification for e-IEC Validity
What is an Import Export Code?
Import Export Code (in short IEC Code) is a ten-digit number granted by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export operations.
DGFT has issued a notification for applying, updating IEC (Now e-IEC). It is mandatory Every year from April to June even if, all details of IEC remain same all existing holders have to confirmed compulsory. Otherwise, IEC may be de-activated if not upgraded.
IEC Mandate and Compulsory Updation
Critical Updation Requirement:
- IEC Definition: The Import Export Code (IEC) is a ten-digit number granted by the Directorate General of Foreign Trade (DGFT) to any bonafide person/company for carrying out import/export operations.
- Mandatory Updation: As per the DGFT notification, all existing IEC holders must compulsorily confirm or update their IEC details every year between April and June.
- Even if Details are Unchanged: This confirmation is mandatory even if all details of the IEC remain the same.
- Consequence of Non-Compliance: If the IEC is not updated within the specified period, the code may be de-activated.
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FAQ's on Renewal/Updatation of IEC
Your Questions Answered
What is the mandatory annual compliance requirement for an IEC holder?
Every holder of an Import-Export Code (IEC) is mandatorily required to confirm, validate, and update the electronic details (e-KYC) of their IEC on the DGFT online portal annually. This is necessary even if there are no changes in the details.
What is the fixed window/due date for filing the annual IEC update?
The annual updation must be completed electronically between April 1st and June 30th of every financial year. This is a strict window, and failure to comply leads to immediate consequences.
Which specific form is used to perform the annual IEC updation?
The updation is performed directly on the DGFT portal using the IEC module. There is no specific form number, but the user must navigate to the 'Update/Modify IEC' section and confirm the existing details or make necessary changes.
What happens if the annual IEC updation is not done within the April to June period?
If the IEC is not updated within the mandatory window (April 1st to June 30th), the IEC will be automatically deactivated by the DGFT. The holder will not be able to proceed with any import or export activities.
Can a deactivated IEC be reactivated later?
Yes, a deactivated IEC can be reactivated. The IEC holder must complete the pending annual updation process on the DGFT portal. Once the updation is successfully submitted, the IEC will be automatically reactivated.
Is there a government fee for the mandatory annual updation?
No. The annual electronic updation of the IEC details itself is a free of charge service provided on the DGFT portal. However, if the service is sought from a professional, their service fees will apply.
What is the key benefit of complying with the annual IEC updation?
Compliance ensures the IEC remains active, allowing the exporter/importer to continuously transact business. It also ensures the business remains eligible to claim various export incentives and benefits under the Foreign Trade Policy (FTP).
What if there are no changes in the IEC details? Is updation still required?
Yes, even if there are absolutely no changes in the registered details of the IEC (such as address, bank details, or partners/directors), the holder must still log in and confirm the existing data to fulfill the mandatory annual e-KYC requirement.
