November 22, 2021 2:32:07 am
The Commerce Ministry’s foreign trade arm DGFT will deactivate all importer-exporter codes (IECs) that have not been updated after January 1, 2014, with effect from December 6, 2021, a move which would help in knowing the actual number of real traders in the country.
The Importer-Exporter Code (IEC) is a key business identification number that is mandatory for exports or imports.
No person shall make any import or export except under an IEC number granted by the DGFT.
On August 8, this year, the Directorate General of Foreign Trade (DGFT) had directed all IEC holders to ensure that details in their IEC are updated electronically every year during the April-June period.
“All IECs which have not been updated after January 1, 2014 shall be deactivated with effect from December 6, 2021,” according to DGFT’s trade notice.
The IEC holders who have not yet updated the relevant information can do that till December 5.
IEC that would be deactivated, would have the opportunity for automatic re-activation after December 6. For that, a trader would have to navigate to the DGFT website and update their relevant information.
“Upon successful updation, the given IEC shall be activated again and transmitted accordingly to the Customs system with the updated status,” the notice said.
According to an industry expert, de-activation of IECs helps in reducing the base load of the directorate and it helps in knowing the actual number of real exporters and importers in the country.
The nature of the firm obtaining an IEC includes proprietorship, partnership, LLP, limited company, trust, and society. After the introduction of GST (Goods and Services Tax), the IEC number is the same as the PAN of the firm. — With PTI Inputs
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