{"id":51559,"date":"2023-01-02T12:04:27","date_gmt":"2023-01-02T06:34:27","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=51559"},"modified":"2023-01-02T12:06:12","modified_gmt":"2023-01-02T06:36:12","slug":"iec-renewal-things-exporters-must-know","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/iec-renewal-things-exporters-must-know\/","title":{"rendered":"IEC Renewal: Things Exporters Must Know"},"content":{"rendered":"\n<p>Every Export-import business in India must have IEC (Import Export Code)\nregistration in place before commencing the operation. It is ten digit code\nthat enables customs to identify the importer or exporter. Businesses that deal\nwith cross-border trade cannot exist without this registration. Before 12 Feb\n2021, IEC was granted by the Directorate General of Foreign Trade with lifetime\nvalidity. But things changed when the authority decided to<strong><em> limit its validity to one year<\/em><\/strong>.\nThis write-up will let you know everything about the IEC renewal and various\nprovisions thereof. <\/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-renewal-things-exporters-must-know\/#What_is_Import_Export_Code_IEC\" >What is Import Export Code (IEC)?<\/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-renewal-things-exporters-must-know\/#Updates_On_IEC_Renewal_And_Why_Is_It_Important\" >Updates On IEC Renewal And Why Is It Important?<\/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-renewal-things-exporters-must-know\/#What_If_An_Exporter_Or_Importer_Fails_To_Renew_The_IEC_On_Time\" >What If An Exporter Or Importer Fails\nTo Renew The IEC On Time?<\/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-renewal-things-exporters-must-know\/#Documents_Mandatory_for_IEC_Renewal\" >Documents Mandatory\nfor IEC Renewal<\/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-renewal-things-exporters-must-know\/#What_Are_the_Steps_Concerning_IEC_Renewal_Online\" >What Are the\nSteps Concerning IEC Renewal Online?<\/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-renewal-things-exporters-must-know\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Import_Export_Code_IEC\"><\/span><strong>What is Import Export Code (IEC)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The import-export code (IEC) is nothing but an export-import permit that\ncustoms require for port clearance. IEC enables shipment authorities to\ninstantly fetch the detail of the consignment along with the parties involved.\nOne can visit the online portal of the Directorate General Foreign Trade (DGFT)\nto apply for this registration. <\/p>\n\n\n\n<p>In view of Chapters 1 and 2 of Foreign Trade Policy, every exporter or\nimporter must renew their <strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/iec-registration\">IEC registration online<\/a><\/strong> before the deadline\n(April-June) arrives. Delayed or non-renewal can lead to cancellation or\ntemporary suspension of IEC registration. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Updates_On_IEC_Renewal_And_Why_Is_It_Important\"><\/span><strong>Updates On IEC Renewal And Why Is It Important? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IEC renewal is vital for the hassle-free operation of any registered EXIM business in India. It must get renewed every 12 months or else penalties would come into effect. <\/p>\n\n\n\n<p>Given notification 58, published on Feb 2021, every exporter or importer\nmust renew the IEC registration around April to May every year. The IEC renewal\nis mandatory regardless of whether it has been subjected to changes or not.<\/p>\n\n\n\n<p><strong><em>12th Feb Amendment Notice Ensured the Inculcation of the\nFollowing Clauses That Are Vital For EXIM Business<\/em><\/strong><\/p>\n\n\n\n<ul><li>IEC, the Importer and Exporter\nCode is now being recognized as E-IEC. The <strong>DGFT<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.dgft.gov.in\/CP\/\"><strong>[1]<\/strong><\/a><\/sup> has rolled out the electronic version of the\nIEC code to speed-up legal processing. The DGFT portal entails the application\nfor the same. <\/li><li>There is no offline mode\nto renew the IEC certificate.&nbsp; The online\nIEC renewal process is listed below.<\/li><li>The exporter or importer\nmust update its IEC detail on the DGFT portal around April-June every year.\nEven if the IEC remained unchanged, every exporter or importer must fulfill\nthis requirement. <\/li><li>The lack of timely\nupdation can lead to the deactivation of the IEC registration. However, the IEC\nholders can activate the same by updating the detail on the portal provided\nthat no FTP norms are breached in any way. <\/li><li>Any error flagged by the\nDGFT in the IEC certificate must fix by the IEC holder in the stipulated\ntimeline. Failing to do so can lead to the deactivation of the IEC\nregistration. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_If_An_Exporter_Or_Importer_Fails_To_Renew_The_IEC_On_Time\"><\/span>What If An Exporter Or Importer Fails\nTo Renew The IEC On Time?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Directorate General of Foriegn Trade has inculcated some stringent norms\nfor non-renewal of the IEC. As per the prevailing norms cited under the Foreign\nTrade Policy, those who fail to renew the IEC on time may confront the penalty\nthat involves the suspension of the code. And it is needless to mention that\nlack of IEC registration will prevent exporters or importers from conducting\nEXIM activities or clearing customs formalities. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Mandatory_for_IEC_Renewal\"><\/span><strong>Documents Mandatory\nfor IEC Renewal <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>Listed below are the documents that\none must arrange for the IEC renewal: <\/em><\/p>\n\n\n\n<ul><li>PAN detail of the business\nowners<\/li><li>The Import Export Code\nassigned by the DGFT to the business<\/li><li>Residential details\nconcerning the business owner <\/li><li>Entity PAN, if available. <\/li><\/ul>\n\n\n\n<p><strong>Note:<\/strong> Make sure the details concerning the\nIEC renewal remain the same for the IEC registration. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_the_Steps_Concerning_IEC_Renewal_Online\"><\/span><strong>What Are the\nSteps Concerning IEC Renewal Online? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following is the step-by-step processing concerning the IEC renewal\nonline.<\/p>\n\n\n\n<ul><li><strong>Step 1:<\/strong> Head to the DGFT portal and log in. <\/li><li><strong>Step 2:<\/strong> on the home page or dashboard, choose the option called Apply for IEC. <\/li><li><strong>Step 3: <\/strong>Choose the line of business &#8211; whether you are an importer or exporter or both<\/li><li><strong>Step 4: <\/strong>After login on to the portal, link your IEC certificate via Digital Signature certificate or Aadhaar.<\/li><li><strong>Step 5:<\/strong> Next, Click Modify IEC to make the required changes in your IEC certificate, if any.<\/li><li><strong>Step 6:<\/strong> Review the changes you have made for any errors. Use the DSC or Adhaar to sign in again. <\/li><li><strong>Step 7: <\/strong>Hit the Print IEC option to take the hard copy print of the altered IEC registration. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IEC renewal is important as well as mandatory for every exporter and importer.The deferred or non-renewal of IEC can incur legal trouble for the exporter or importer. Thus, it is advisable to stay in line with the authority norms so that you can operate your business hassle-free. <\/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\/how-to-get-iec-code-in-india\/\">How To Obtain IEC Code In India<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every Export-import business in India must have IEC (Import Export Code) registration in place before commencing the operation. It is ten digit code that enables customs to identify the importer or exporter. Businesses that deal with cross-border trade cannot exist without this registration. Before 12 Feb 2021, IEC was granted by the Directorate General of [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":51560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[2994],"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":2804,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/51559"}],"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=51559"}],"version-history":[{"count":3,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/51559\/revisions"}],"predecessor-version":[{"id":51563,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/51559\/revisions\/51563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/51560"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=51559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=51559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=51559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}