The Director-General of Foreign Trade (DGFT), vide a notification dated 12th February 2021 has made amendment to Importer Exporter Code (IEC) related provision under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.
It is provided that an IEC Holder has to ensure that details in its IEC has to be updated electronically every year, during April-June period. In case where there are no changes in IEC details same also needs to be confirmed online.
It is further provided that, an IEC shall be de-activated, if it is not updated within the prescribed time. IEC so de-activated may be activated, on its successful updation. This would however be without prejudice to any other action taken for violation of any other provisions of the Foreign Trade Policy.
Also, an IEC may be flagged for scrutiny. IEC holder(s) are required to ensure that any risks flagged by the system is timely addressed; failing which the IEC shall be deactivated.
Source: DGFT Notification
-Taran Arora, Associate, ShineWing India