7 Amendments Made by DGFT in the IEC Registration Process


Import Export Code is significant to carry out exports and import across India, it is not only advisable to show their presence in the international market by trading exports but also to have value in the market to compete with other in the market. If a particular good is traded at international level then it will increase the value of a business at the local level as well. Even the provisions of IEC gives access to small traders and MSMEs to have a direct link with international business.

In a way to deal with the problems and hurdles faced by businesses, the Directorate General of Foreign Trade recently came up with major changes in the procedure of IEC registration, application, and IEC amendment. Here are certain amendments introduced by DGFT in IEC Registration Process.

1. Amendments to the Process of IEC Registration

DGFT has come up with the latest modification of automating the registration procedure to increase the business activities and seamless working of a business. Import-export code further will be generated systematically where PAN Verification for IEC application would be essential. The applicant would be able to print the unique Import Export Code.


2. PAN Verification Be Improved

DGFT has made a smooth and easy PAN Verification process for IEC registration. Further, it has been the sort that PAN Verification service will be combined with the website of DGFT and Central Board of Direct Taxes (CBDT). So now there won’t be any requirement of the PAN card copy for IEC application. There will be two mandatory documents required to obtain import export code online registration, i.e. 9th August 2018 are Address proof and Cancelled cheque or a bank certificate.

3. No Digital Signature Be Required For IEC Application

As per the latest amendment, there is no requirement of DSC (Digital Signature Certificate) while filling the import-export code form for fresh Import Export Code.

4. IEC can be automatically generated

Once the import-export code form has been submitted along with the described documents the import-export code will be auto-generated. Notification regarding the IEC Allotment will be sent via SMS & e-mail to the applicant with a link to download & print the import-export code.

5. Wrong Information furnished while IEC registration

The Regulatory Authorities (RAs) will now conduct post-verification of the new import-export code.
If any wrong information is detected in the Import-Export Code, the applicant will be accountable for legal prosecution. Furthermore, his import-export code will be suspended or annulled without prejudice to any other action that may be taken.

6. Exporters & Manufacturers Can Claim Benefits from the Authorities

DGFT has informed that in case any entity wishes to claim benefits of government as an exporter or manufacturer, he would have to prove his credibility or identity for the same, to the concerned authority.

7. IEC Holder to Update His Profile

Immediately after the allocation of Import-Export Code, the applicant is supposed to update his profile. The ANF-1 of the Handbook of Procedure (2015-20) encloses the importer/exporter profile. The importer/exporter has to upgrade his profile as and when an amendment occurs or otherwise once a year.

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