scorecardresearch
Follow Us:
Tuesday, October 26, 2021

Import-Export Codes: IEC clean up seeks to remove front cos

The Directorate General of Foreign Trade last week notified it would deactivate all IECs not updated since the beginning of 2005.

Written by Karunjit Singh | New Delhi |
September 28, 2021 3:35:53 am
An IEC is a business identification number that is mandatory for export from India or import.

The government’s decision to deactivate Import-Export Codes (IECs) for firms that have not furnished updated information is partly aimed at cleaning up IECs of entities such as the importer linked to the seizure of 2,988 kg of heroin by the Directorate of Revenue Intelligence (DRI) at the Mundra port earlier this month.

Six persons have been arrested over possible links to the shipment, estimated to be worth over Rs 21,000 crore, allegedly found in a consignment officially declared as “semi-processed talc stones” and imported by Aashi Trading Company, as per details issued by DRI. The firm had previously imported a consignment declared “semi-processed talc stones” in June.

Removing IECs of such companies was one of the goals of the recent move, a government official said. An IEC is a business identification number that is mandatory for export from India or import.

“We don’t have their emails or phone numbers, there are people who got IECs 20 years back,” said the official. The Directorate General of Foreign Trade last week notified it would deactivate all IECs not updated since the beginning of 2005.

In the case of Aashi Trading Company, the website of the Registrar of Companies does not show any company registered under its name with the Ministry of Corporate Affairs. The firm may, however, be registered as a sole proprietorship firm with the MCA. The Ministry does not publish details of sole proprietorship firms.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement