In early 2021, India’s Directorate General of Foreign Trade issued new guidance on Importer-Exporter Code (IEC) requirements for companies engaged in importing/exporting to and from India.
All companies holding an Importer-Exporter Code are now required to update and validate their details annually through the Directorate’s online portal. In cases where there are no changes to a company’s IEC details, the same must be confirmed via the portal.
IEC details must be updated electronically every year from April 1st through June 30th. Failing to comply with this requirement during the prescribed time will result in an automatic deactivation, and no import or export activity will be allowed. This would also be subject to additional actions taken for violation of the Foreign Trade Policy. It is important to note that IECs may also be flagged for review, and holders must ensure that any issues are addressed promptly or risk deactivation.
Companies out of compliance will have the opportunity to re-active their IECs upon providing the required updates.
For more information on this requirement and how to ensure your business remains compliant in India, contact a CT representative at (844) 322-6993 (toll-free U.S.).