Update IEC Code – If you are the one who is engaged in international trade, then Importer – an exporter code is mandatory. Importer Exporter code is also known as Import Export License. The Directorate General of Foreign Trade (DGFT) issues the IEC code. It is required to sell and buy goods overseas.
If you are willing to start your import and export business then strategic planning and further documentation are necessary to have an import-export code is one of them. Without this license, you are not allowed to import any product from overseas without IEC code, unless they were exempted under the special condition. When you apply the IEC code then you are allowed to download this from the DGFT website.
What Is An IEC Code?
IEC Code standard for the Import Export Code. It is a part of commercial transactions and mandatory to have to import and export from India. It is a 10-digit alphanumeric code issued by DGFT. It is required by the importers and exporters for seamless business in International trade. Along with the import-export permit, you will experience many benefits of obtaining the IEC code. You can claim further benefits from the customs, Export Promotion Council and other authorities such as subsidies.
Why Does IEC Need To Be Updated?
When you obtain the IEC certification once, you are allowed to start your Import & Export business. But you have to keep in mind that you need to update IEC code details electronically every year between April and June as per Notification No.58/2015-2020.
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Different Conditions Of Amendments in IEC For Modification
If you are thinking about why you need to modify or update IEC code then here are some mandatory reasons made by the DGFT. Here are some reasons you need to explore that lead to modifying your IEC:-
Statutory Modification
Under normal circumstances, an Importer and exporter have to modify or update IEC code at least once annually as per the guidelines of DGFT (Directorate General of Foreign Trade).
Voluntary modification
Voluntary modification is necessary at that time when you find any typing error, or misprint in the certificate or the applicant wants to change certain information voluntarily then you have to modify it.
Business Address Modification
If the company address is changed then the director of the company has to modify the IEC license.
Change in the company name
Due to any reason you have modified your company name then you have to change it in the IEC certificate also.
Partners’ addition or deletion
If any existing partner leaves or adds a new partner to a particular business. Then you have to add the same in the IEC certificate and modify it ASAP.
How To Modify Or Update IEC Code Online?
Go with the step-by-step guidance to update IEC code online in India:-
- Step 1 – Explore the “DGFT Website” (https://www.dgft.gov.in/CP/).
- Step 2 – Click On The “UPDATE IEC” Button.
- Step 3 – Enter you login credentials and reCAPTCHA into the IEC dashboard.
- Step 4 – Choose the “Update/Modify IEC” option on the DGFT dashboard.
Important Note – Once you reach on the modification page, you have to follow the six stages for modification of IEC code.
Stage 1 :- General Information Updation
If you want to update the changes in the information then through this you can update the following information:-
Nature of the firm, Firm name, PAN, Name (as per PAN), Date of birth, Category of exporters, Mobile number, Email, Upload proof of establishment, Firm address details & Branch details
Stage 2: Update partner details
In this you are allowed to add or delete the partner details such as directors, proprietors, and managing trustees. To add a new partner you have to add the following details:-
Director number (DIN), Name, PAN, & Date of birth
Stage 3: Bank account details
If you have opened or closed any of the bank accounts in the last financial year then you have to update your bank account details at this stage.
Stage 4: Preferred sector of operation
Through this stage, you can update the preferred sector of operation. Just keep in mind to choose the right category of product that you export, If you export goods.
Stage 5: Complete The Declaration
Read the declaration, tick the checkbox accept the conditions that the information you mentioned is accurate and proceed ahead.
Stage 6 – Submit the IEC Updation Application
After that submit an application and complete the sixth stage. Now you can preview your IEC Application.
Conclusion
With the help of the above-mentioned information, you can simply update IEC certificate. You only have to visit the website once. But If you are facing some issues then you can simply go for the Legal consultant and they will help you to modify the IEC certificate in India. After assistance, you do not need to worry about the process of IEC certificate updation.
FAQs
Can we update an IEC certificate online?
Yes, you can update the IEC Certificate online through the DGFT website.
How Long Does It Takes For The Modification Of IEC Certificate?
Usually, the updation of the IEC certificate will take three to four working days.
Is it compulsory to update IEC every year?
Yes, It is mandatory to update the IEC certificate every year. If you miss it then your certificate will be deactivated.
What is the cost of the IEC update?
The cost of the renewal of the IEC certificate is ₹1499/- + Professional fees.
What is the penalty for not updating IEC?
Your IEC certificate will be deactivated if you do not update IEC certificate.
What documents are required for IEC update?
For the updation of IEC code the mandatory documents are:- Aadhar Card matching PAN details, Address details of the branch office, and Bank details of the IEC holder.
How long is the IEC code valid?
The IEC certificate is valued for a lifetime you only have to update the certificate annually between April to June.
