Import Export Code is a permanent number allotted by the DGFT to the exporters and importers in international trade. However, the IEC must be renewed every year between April to June to keep it active. The non-renewal will lead to the deactivation of IEC.
You must be aware that the Import Export Code (IEC) is a PAN Based unique Id maintained by the DGFT, being a prerequisite for doing any transaction involving import or export. Though an IEC is a permanent code, the government of India, with effect from 2021, has come up with an annual updation requirement applicable to all persons having an IEC. The IEC updation is an online process and can be completed with the use of DSC or Aadhar based OTP for authentication. The purpose of this annual Renewal of the IEC is to have correct and updated particulars of the business and the users of the DGFT portal. It is essential to have the IEC updated on an annual basis with the correct OTP Verified email and mobile numbers of the business so that the database of the DGFT is correct and reliable.
The DGFT, in its Trade Notice No 01/2021-22 dated 29/04/2021, introducing the requirement of annual updation of the IEC, has made it mandatory with effect from the FY 2021-22, where the IEC holder must update the IEC during April to June 2021. However, the date is further extended until 31st August 2021. It is further provided that the non-updation shall lead to the deactivation of IEC.
The Due date to Renew the Import Export Code is April to June; It means the IEC holder must take steps to update their e-IEC at the beginning of the financial year. The last date of filing the IEC Renewal would be 30th June.
If your business has an Import Export Code, ensure its timely renewal every year. The updation of IEC has been made mandatory and should be completed within its due date. The failure to update the IEC shall result in the deactivation of the IEC. A deactivated IEC can not be used in international trade and shall create an unnecessary hassle at customs as an active IEC is required for clearance of imported goods or to export. We strongly advise you to take steps for the timely renewal of the IEC without any delay and escape the deactivation of the IEC. We are available to assist you at a very nominal fee to renew the IEC.
