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.
Originally Published by Khaitan & Co, February 2021
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