Before we get into the topic of renewal of the IEC code, let us know the definition of the IEC code in India. It is a 10-digit unique identification number provided by India’s Ministry of Commerce and Industry’s Directorate General of Foreign Trade (DGFT). Businesses and people engaged in import and export activity in India must have an IEC code. It is a prerequisite for registration and serves as the primary form of identification for customs officials when passing goods through customs ports.
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Here is the new update on the FY 2023 India Export-Import trends. The financial year 2021–22 (FY 2022) recorded the greatest-ever value of merchandise exports, reflecting the exponential growth of India’s trade statistics in recent years. The government is confident it will achieve its US $500 billion export goal in FY 2023. This will be achieved by current bilateral free trade agreements (FTAs), including those with Australia and the United Arab Emirates (UAE). |
IEC Code Renewal
In order to maintain a current and active registration with the Directorate General of Foreign Trade (DGFT), enterprises or individuals engaged in import and export activities in India must renew their IEC codes. The renewal procedure aids in keeping accurate and current records of registered firms and their ongoing import-export activities. Additionally, it enables effective regulation and oversight of transnational trade activities by the government. The IEC code’s renewal assists companies in preventing any interruptions in their import-export activities and guarantees adherence to the rules and laws that control foreign trade in India.
Steps To Renew The IEC Code Online
You can now easily renew the IEC code online by following just these 5 steps:
- Register on the DGFT website and choose to Apply for IEC with your profession as an importer, exporter, or both
- Log in to your DGFT account and link your IEC certificate using Digital Signature Certificate or ADHAAR authentication
- Update any necessary information on your IEC by selecting the Update/Modify IEC option and editing the pre-filled form
- Review your changes and digitally sign the updated IEC using your Digital Signature Certificate (DSC) or ADHAAR
- Print your renewed Import and Export Code Certificate by selecting the Print IEC option
Documents Required For Renewing IEC Code
Here are the documents required for renewing IEC Code:
- Importer Exporter Code (IEC) license number
- Scanned copy of the company Pan Card
- Scanned copy of the registered address proof
- All directors, trustees, and partners’ Pan cards, Aadhar card copies and mobile number
- Copy of GST certificate (carry as an additional supporting document)
Why Should You Renew The IEC Code?
If you don’t update your IEC license on time, it will be deactivated. This means you won’t be able to do any trading without a renewed IEC code. It’s important to update and renew your IEC license promptly to keep it active and continue your import-export activities without any issues.
Regarding the IEC updation, latest updates and documentation, feel free to contact our experts at Vakilsearch. We have done over 10k IEC registrations since 2011. The terms and conditions ensure the prompt submission of the IEC application at the DGFT office, guaranteeing completion within a 2-day timeframe. For any other queries or information you may require, contact our experts.
Also Read: In Last 10 Years, Around 70,000 Indians Surrendered Their Passports Across 8 States
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Law
2023-06-29 07:10:28.0
How To Renew IEC Code Online: Easy Renewal Online
