Background
The Central Government has amended the rules relating to
Importer-Exporter Code (IEC) vide Notification No. 48/2015-2020
dated 12 February 2021.
Details of Changes
The notification has introduced an additional compliance of a
yearly updation of the IEC on importers and exporters, to be done
in the months of April – June. A confirmation would be
required even if there are no updates to the IEC.
In the event updation activity is not done within the prescribed
time by a business, the same will be deactivated without prejudice
to other actions in law, including under the Foreign Trade
(Development & Regulation) Act, 1992.
Comment
This additional requirement should be carefully adhered to by
businesses, as any non-compliance will result in a deactivation of
the IEC and a stop to all import-export activity resulting in
severe business losses.
