If you are looking up how to renew the IEC code online and hassle-free and using some very easy steps, we have got you covered. Our today’s blog will exactly talk about that.
How to Renew an IEC Certificate Online?
Starting with a cursory description of what is IEC and who must register under it, we will talk about why is it important that you renew your registration. Finally, we will guide you through the steps which can help you achieve that.
What is IEC?
The import-export code or IEC is a central government mandated license that is to be procured by any business person or trader if they are importing and exporting amenities and goods. It is almost like a PAN verification for any business and needs to be registered under The Directorate General, Foreign Trade (DGFT) body of the Central Government.
Rules
As per the latest rules and norms, from the 12th of February 2021, every IEC holder business is mandated to renew the IEC code online as per chapters 1 and 2 of the policy of Foreign Trade. Failing to do this can lead to suspension and cancellation of your IEC certificate. As a result, every business holder has to renew their Import and Export code license every year.
Why Is a Renewal of the IEC Crucial for My Trade?
To answer in simple words, if the business holder wishes to conduct their trade with the least bumps and government interference, they should renew their IEC every twelve months. As per notification 58, published in February of 2021 Import-Export Code has to be renewed around April to May every year. The rules state that even in case there are n updates to be made, renewal is still necessary.
Under the 12th February amendment a bunch of other clauses were also introduced like:
- IEC, the Importer and Exporter Code has now been transferred to be called E-IEC under the amendment.
- It is mandatory to renew the IEC code online and online only. This updating and renewal process will be discussed shortly in the blog.
- ICE was made mandatory for all exports and imports from the Indian subcontinent as abiding by the policy.
- The Directorate General, Foreign Trade, DGFT has released an electronic version of the export/import code. The issuance application for the e-IEC is done on the official DGFT website.
- The IEC certificate may also come under scrutiny if any potential hearts and incongruities are discovered. If these are not attended to, there is a risk of suspension of the IEC.
To renew the IEC code online, it only takes a sum of ₹999.
In Case of Default, What Will Happen?
If a business does not renew its certificate of imports/ exports what can happen? For starters, already the suspension of the code has been mentioned. But that won’t be all. If a business gets its IEC suspended or cancelled, it will have the same treatment as never having an IEC, to begin with. If the trade continues with no IEC license, there may come a time when it may get deactivated entirely. This can then lead to multiple complexities as the IEC is required at virtually every step of an export or import transaction – from customs to shipping and international trades. Hence, it is best to be judicious and renew the IEC code online.
Steps to Renew the IEC Code Online
Here the five steps that a business person has to follow to renew the IEC code online are illustrated in simple words. These are described here:
- STEP 1- You have to register at the DGFT website. There, you will get the option “Apply for IEC”, click on that and choose your profession as an importer, exporter or both.
- STEP 2- After you have successfully registered you can now login into your DGFT account. Then, you have to link up your IEC certificate to this account. For this, you are required to authenticate either by Digital Signature Certificate or by your ADHAAR.
- STEP 3- Once you have linked and the authentication is also done, you can go forth and update any info on your IEC that needs to be updated. For updating, choose the “Update? Modify IEC” option. Here you can even update the form that has been pre-filled by the website.
- STEP 4- Once all three steps are done, it is time to review your changes for one last time. You will then use your Digital Signature Certificate (DSC) or ADHAAR and sign it, just like in step 2.
- Step 5- Now that your Import and Export Code Certificate has been updated and also renewed it is ready to be printed out. The printing can be done by selecting the option “Print IEC”
Documents Mandatory to Renew IEC Code Online
This is a quick checklist of essentials that the trader needs to renew their IEC certificate
- PAN details of all the trustees or partners or properties
- The IEC number of his business
- Residential details of his partners, properties or trustee members.
- Entity PAN, if available.
One vital note is that all the details given for the renewal of the IEC certificate must match those of the IEC registration.
Who Can Assist Me to Renew the IEC Code Online?
If you, a business holder are worried about the oncoming IEC online: https://www.dgft.gov.in/CP/ renewal and are looking for some expert help to manage everything for you, welcome to Vakilsearch. We are India’s first choice for all things legal. From IEC to Filing GST returns our Chartered Accountants are here to handle it all. With any time online service and packages starting from as low as ₹999 we can handle all types of clients. Although we are settled in Chennai, our services are available all over the Indian subcontinent. In case of any help or a consultation, you can reach us.
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