Import/Export (IE) Code Modification
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Import/Export (IE) Code Modification - Overview
Expanding business beyond domestic markets is a primary goal for any entrepreneur. However, certain procedural requirements must be fulfilled to venture into international markets. One essential requirement for import-export activities is obtaining the Importer Exporter Code (IEC). Read on to understand what IEC entails and its significance.
What is Import Export Code?
Import Export Code (IEC), also known as the Importer Exporter Code, is a 10-digit numerical identification issued by the Director General of Foreign Trade (DGFT), Department of Commerce. IEC is mandatory for businesses engaged in import and export activities from India. The code holds lifetime validity, and modifications can be made if there are any changes in the particulars.
The following documents are necessary for modifying the IEC:
- PAN card of the IEC holder
- Cancelled cheque of the savings/current bank account
- Passport-size photograph
- ANF-2A application form
- Aadhaar Card of all partners and directors
- Class-2 or Class-3 Digital Signature
- Documents relevant to the modifications made
Process for IEC Code Modification Online
Follow these steps for online IEC Code modification:
Visit the DGFT website at https://www.dgft.gov.in/CP/ and click on the ‘Update IEC’ button.
Enter your login details. If not registered, click on ‘Register’ to create an account.
Once logged in, link your IEC if it’s not already linked. An OTP will be sent to your registered email ID. After linking, click on ‘Update/Modify IEC.’
A pop-up will display your IEC code details. Make necessary changes. If no changes are needed, proceed with saving the information under each section.
Review the application summary and submit it. You’ll require a Digital Signature Certificate of the registered person for submission.
FAQs
For proprietorship firms, editing the firm name is allowed manually. For companies, the name is automatically fetched from the MCA using the Company Identification Number (CIN). For other types such as Limited Liability Partnerships, Partnership Firms, Hindu Undivided Families, Societies, Trusts, etc., the firm name remains as per the PAN Card.
Changes related to PAN number or details are submitted for approval to the RA office and will be approved accordingly.
IEC is necessary for both goods and services in international transactions. Therefore, whenever such transactions occur, an IEC code is mandatory.
IEC is not needed for importing or exporting goods for personal use. It is required only for commercial transactions involving goods and services.
IEC is essential for import-export transactions, but there are no post-registration compliances or return filing requirements.
