{"id":41907,"date":"2022-04-06T11:43:51","date_gmt":"2022-04-06T06:13:51","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=41907"},"modified":"2022-04-06T11:43:53","modified_gmt":"2022-04-06T06:13:53","slug":"iec-registration-renewal-and-surrender-underlying-norms","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/","title":{"rendered":"IEC Registration Renewal and Surrender: Underlying Norms"},"content":{"rendered":"\n<p class=\"has-drop-cap\">IEC is a ten-digit\nauthentication number assigned to a person seeking to engage with an\nimport-export business in India. It is mandatory, and hence it should be avail\non time to avert underlying penalties. There is some confusion among the IEC\nholders about whether such a license is subjected to periodic renewal or not.\nThis write-up would render some key details around IEC Registration Renewal and\nsurrender. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#What_is_IEC_and_who_grants_it\" >What is IEC, and who grants it?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#What_about_the_IEC_Registration_Renewal-is_it_possible\" >What about the IEC Registration Renewal-is it possible? &nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#What_is_the_meaning_of_Surrender_of_IEC\" >What is the meaning of Surrender of IEC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#Key_point_to_ponder_for_surrendering_the_IEC_registration\" >Key point to ponder for surrendering the IEC registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#Online_procedure_of_surrendering_IEC_registration\" >Online procedure of surrendering IEC registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#Documents_to_be_arranged_for_Surrender_of_IEC\" >Documents to be arranged for Surrender of IEC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#Surrender_norms_around_dual_registration\" >Surrender norms around dual registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#Surrender_of_IEC_and_IEC_registration_suspension_Are_they_interrelated\" >Surrender of IEC and IEC registration suspension: &nbsp;Are they interrelated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/iec-registration-renewal-and-surrender-underlying-norms\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_IEC_and_who_grants_it\"><\/span>What is IEC, and who grants it? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IEC serves as an elementary\nlegal approval for exporters and importers in India. The prime authority that\ngrants IEC registration in India is the Directorate General of Foreign Trade. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_about_the_IEC_Registration_Renewal-is_it_possible\"><\/span>What about the IEC Registration Renewal-is it possible? &nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the status quo, the <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC Registration<\/strong><\/a> comes with lifetime validity. That means there is no need to renew it periodically, unlike other licenses. Therefore, there is no scope for IEC registration renewal at the current time.\u00a0 <\/p>\n\n\n\n<p>Now let us precede to the next\nsection that talks about the surrender of IEC registration. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_meaning_of_Surrender_of_IEC\"><\/span>What is the meaning of Surrender of IEC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are times when\nbusinesses wish to wrap up their operation because they are no longer\ninterested in doing the same, or they may be confronting losses for a long\ntime. Under such circumstances, one must surrender their IEC registration\nbefore the authority concerned to avert any chances of misuse. Common reasons\nfor surrendering IEC involve closure of EXIM unit, winding up of company, the\nunwillingness of business owner to continue the business journey, etc. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_point_to_ponder_for_surrendering_the_IEC_registration\"><\/span>Key point to ponder for surrendering the IEC registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It\u2019s noteworthy that the IEC\nis granted against the individual PAN or on a company PAN. Therefore, the\nbusiness owner must avoid surrendering their IEC registration which is yet to\nbe linked with the PAN. In such a case, they must apply for new IEC\nregistration. <\/p>\n\n\n\n<p>This reason could prevent the\nexporter or importer from re-applying for the IEC registration with the same\nPAN even after surrendering the IEC. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_procedure_of_surrendering_IEC_registration\"><\/span>Online procedure of surrendering IEC registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Applicants can visit the DGFT\nportal and file an application for electronically surrendering the IEC license.\nThe portal shall prompt the applicant to upload the requested documentation\nduring form filling. Upon application submission, the authority shall initiate\nthe vetting process and revoke the license accordingly. <\/p>\n\n\n\n<p>The process for surrendering\nIEC registration is as follows: <\/p>\n\n\n\n<p><strong><em>Step 1:&nbsp; Visit the DGFT portal <\/em><\/strong><\/p>\n\n\n\n<p>Log in to the DGFT portal;\nselect the services option from the main menu. <\/p>\n\n\n\n<p><strong><em>Step 2: Opt for \u2018IEC Profile\nManagement\u2019<\/em><\/strong><\/p>\n\n\n\n<p>Under services, from the drop-down menu, opt for the \u2018<strong>IEC Profile Management<\/strong><sup><a href=\"https:\/\/www.dgft.gov.in\/CP\/?opt=iec-profile-management\"><strong>[1]<\/strong><\/a><\/sup>\u2019 option. <\/p>\n\n\n\n<p><strong><em>Step 3: Select \u2018Surrender of\nIEC\u2019<\/em><\/strong><\/p>\n\n\n\n<p>Under the \u2018IEC Profile\nManagement\u2019 option, select \u2018Surrender of IEC\u2019.<\/p>\n\n\n\n<p><strong><em>Step 4: Login or Create an\naccount <\/em><\/strong><\/p>\n\n\n\n<p>The portal further prompts the\napplicant to log in by notifying them via email. Those who do not have an\naccount can create the new one by entering required details like phone number,\ncontact detail, etc. <\/p>\n\n\n\n<p><strong><em>Step 5: Select the Surrender\noption post login<\/em><\/strong><\/p>\n\n\n\n<p>Post login, the user must\ncross-check the submitted details such as company name, PAN, etc. Once done,\ntap on the option called \u2018surrender\u2019. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_to_be_arranged_for_Surrender_of_IEC\"><\/span>Documents to be arranged for Surrender of IEC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Documents\nevidencing the company\u2019s location<\/li><li>Business\nregistration<\/li><li>PAN\nof IEC holder<\/li><li>True\ncopy of IEC registration <\/li><li>The\ncovering letter addressed to the Additional Director General of Foreign Trade<\/li><\/ul>\n\n\n\n<p>DGFT shall share the\ninformation relating to the surrender of IEC with authorities like RBI, Custom,\netc., as soon as the applicant meets the above formalities. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Surrender_norms_around_dual_registration\"><\/span>Surrender norms around dual registration <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DGFT prohibits the allotment\nof two IEC registrations against a single PAN. The breach of this condition\nshall provoke significant penalties for the defaulter. In the case of dual\nregistration, the entity in question must return one registration to the\nauthority to avert fines. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Surrender_of_IEC_and_IEC_registration_suspension_Are_they_interrelated\"><\/span>Surrender of IEC and IEC registration suspension: &nbsp;Are they interrelated? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Surrendering\nof IEC is usually a voluntary act of the license holder. Meanwhile, the\nsuspension is something that is triggered by the authority in case of\nnon-compliance. <\/li><li>There\nare several grounds that trigger the chances of suspension. Some noteworthy\ngrounds include non-compliance with FTP guidelines, breach of shipping norms,\nillegal shipment practices, etc. The authority provides a fair chance to the\ndefaulter to defend their stand before penalizing them.&nbsp; <\/li><li>The\nsurrender of IEC primarily refers to voluntary submission of IEC registration\nto the authority, i.e. DGFT. Such an act usually comes to effect when the owner\nis no longer interested in carrying out business activities due to any\nreason.&nbsp; <\/li><li>Meanwhile,\nthe decision regarding the IEC suspension is entirely at the discretion of the\nDGFT. It typically comes to effect when the authority has a strong reason to\nbelieve that licensee is not complying with underlying conditions. <\/li><li>Post\nsurrendering or registration suspension, the applicant in question would no\nlonger be able to perform EXIM activities. The absence of a valid license shall\nprevent them from engaging with the shipping business again. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p> There is no such thing as IEC Registration Renewal since it comes with lifetime validity. Hope this write-up has cleared your doubts around these debatable subject matters, i.e. IEC Registration Renewal and surrender. Feel free to prompt us or write to us if you need detailed information on the same. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our Article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/what-is-the-iec-registration-process-in-india\/\">What is the IEC Registration Process in India?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IEC is a ten-digit authentication number assigned to a person seeking to engage with an import-export business in India. It is mandatory, and hence it should be avail on time to avert underlying penalties. There is some confusion among the IEC holders about whether such a license is subjected to periodic renewal or not. This [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":41911,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[2236],"acf":{"service_id":"16"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":4119,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/41907"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=41907"}],"version-history":[{"count":9,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/41907\/revisions"}],"predecessor-version":[{"id":41926,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/41907\/revisions\/41926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/41911"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=41907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=41907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=41907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}