Import Export Code (IEC) is required by every business enterprises who is starting up with the import or export business. Directorate General of Foreign Trade, under the Ministry of Commerce and Government of India is the authority to issue IEC Code which is a unique 10 digit number issued to the Indian Companies. The IEC code is necessary for tracking, managing and supervising the shipments. The IEC code is obtained by filling a form through an online platform and so for obtaining IEC number the applicants need not have to submit the document and form manually. Let us know in details about the form for IEC Modification and its whole process.
What is Meant by IEC Modification?
Any alteration, amendment or change made in the business details which is carrying the Certificate of the Import Export Code needs to immediately modify the changes by filing the online application in the form for IEC modification before the Directorate General of Foreign Trade (DGFT).
The reasons behind updating the form for IEC modification:-
- It is necessary to update the IEC number as it is an important document for international trading.
- The shipping company will ask for checking and verifying with the documents from the concerned importer or exporter whenever they engage in any international transactions. Thus, the documents needs to be updated as any inconsistency in the details like the name, registered address, other contact details, PAN, information of partners, etc., can lead to serious repercussions.
- Likewise, all the online shopping websites will also require these details for internally complying with the government of the nation.
- Even the Banks will also require the IEC number as these banks works as an intermediary role between the seller and the buyer who are located in various countries. They may reject the transaction if there is any mismatch in the details.
- The IEC number is also required by the port and Customs authorities for documentation and clearance purposes. If the IEC number is not properly updated with the authorities then in such case the shipment can take longer time or can get stuck in reaching.
- The Food Safety and Standards Authority of India (FSSAI) have also made it obligatory to attain the IEC number for all the food business operators dealing with the import or export business of the food products. Thus, the license shall be rendered invalid due to any inconsistency in the data updated on the DGFT.
Read our article:How to Export Medicine Globally from India?
Form for IEC Modification
In accordance with the new DGFT details, the form for IEC modification is given below:
Form ANF 2A is the required form for IEC modification that shall update the existing IEC. It consists of four parts i.e. Part A to Part D.
How to Get IEC Modification Done?
The process to change such details on the IEC portal –
- Log on to the DGFT website and choose the ‘Online IEC Application’ tab. Then provide with the required business information and details that needs update on the web portal.
- Next, click on the ‘Modify IEC’ and upload the proof of the documents supporting the change. For minor changes, proof is not required. The IEC application system accepts PDF format with the files only up to 5MB.
- The last step is to click on the ‘Fee Payment’ and then submit the modification application. No fee is payable where for an application form for IEC modification, certificate is granted within 90 days. Nonetheless, past this time period a nominal charge will have to be paid for each modification.
- After submission of the form for IEC modification, the acknowledgment for the IEC modification will be provided.
- After matching with the certificate details it may be granted within 24 hours.
What are the Documents Required for the Modification?
To update the amendments in the form for IEC modification certificate, the following documents are mandatorily required by the applicant to submit. The list of the documents required is as follows:-
- PAN card of the company or individual
- Passport size photo
- Current/savings account of the bank or cancellation cheque
- Aadhaar card of all the partners and directors
- ANF – 2A application form
- Class 2 or class 3 digital signatures.
- IEC certificate
- Documents regarding the proof on the changes
- Description of the modification.
What are the Various Features of IEC Modification?
The given below are some important features of the form for IEC modification. The features have been explained in brief for better understanding.
Validity of IEC
The validity of IEC is for a life-time period, which signifies that the business entrepreneurs will not be required to renew. The IEC code shall continue to function even after the form for IEC modification is updated in the key business details.
With the IEC code the business entrepreneurs can now avail government-driven incentives and schemes to maximize the profit. A number of schemes permit the exporters to gain 5% of the reimbursement on the invoice for the particular shipment value. Such kinds of relaxation would promote more and more business owners to boost up their export volume.
The main purpose of the modification process is to update all the data’s and get it synced with the DGFT and the customs. For the clearance of shipment from the port, this updated information would be easily accessible for the exporters. The updated information, shall keep it easy for the custom and other authorities to scan the credentials and shipping documents ensuring the hassle-free shipping.
Now, the form for IEC modification is available online. You can fill all the information and particulars in the Form ANF 2A in an easy way and update the IEC certificate. Online process saves both money and time and also promotes transparency.
Thus, the business owner has to comply with the proper Government procedure to update the form for IEC modification. You can contact with CorpBiz to avail professional-grade help on IEC Modification Online.
Read our article:How to obtain IEC Code in India