New Delhi, Sept. 26 (PTI) The Ministry of Commerce has decided to deactivate all Importer-Exporter (IEC) codes that have not been updated after January 2005 with effect from October 6 of this year, a measure that would help to know the real number of real traders in the country.
The importer-exporter code (IEC) is a key business identification number that is required for exports or imports. No one should import or export except under an IEC number granted by the DGFT.
On August 8 of this year, the General Directorate of Foreign Trade (DGFT) mandated all IEC holders to ensure that their IEC details are updated electronically every year during the April-June period. , 2005, will be deactivated with effect from October 6, 2021 â, according to a commercial opinion from the DGFT.
He said affected IEC holders have one last chance to update their IEC during this interim period until October 5, otherwise the given code will be disabled from October 6.
“Any IEC where an online update request has been submitted but is awaiting approval from the DGFT RA (regional authority) will be excluded from the deactivation list,” he added. In addition, he said that for the reactivation of the code after October 6, the IEC holder should browse the DGFT website and update their IEC online.
“In the event of a successful update, the given IEC will be activated again and transmitted to the customs system with the updated status accordingly,” says the notice.
According to an industry expert, deactivating IECs helps to reduce the basic management load and to know the real number of real exporters and importers in the country.
The nature of the business that obtains an IEC includes sole proprietorship, partnership, LLP, limited liability company, trust, and corporation. After the introduction of the GST (Goods and Services Tax), the IEC number is the same as the company’s PAN. PTI RR MR
Disclaimer: – This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI