How to stop using Import Export Codes (IECs) and How to Update IEC
The Directorate General of Foreign Trade (DGFT) in India gives out the Import Export Code (IEC), which is a 10-digit number that is unique to each import or export. It is required for people or businesses that import or export. But there are times when people or organizations may need to turn off or update their IECs. This guide will help you understand how IECs are turned off and how to update them.
Deactivation of IECs: 1. Deactivation Reasons:
It may be necessary to turn off an IEC in a number of situations, such as:
– The end of the business or its dissolution.
– A change in ownership or the way the law works.
– Mergers and takeovers.
– Not following the rules for exporting and importing.
– The IEC certificate has wrong or out-of-date information.
- The Deactivation Process: To turn off an IEC, you have to do the following:
– The IEC holder needs to fill out an application to have their IEC turned off.
– The application must be sent to the DGFT office in charge of that area.
The person in charge looks over the application and checks the information.
– Once the IEC holder is approved, his or her name is taken off the current IEC database.
– The DGFT sends out a letter confirming that the IEC is no longer working.
How to update IEC: 1. Why you should update IEC:
Changing things like:
– Changes to your home, phone number, or email.
– Changes to the name of the company or person.
– Changes to the bank account information.
– Changes in the company’s partners or board of directors.
– Changes in the type of business or the types of products.
Steps to Update an IEC: Follow these steps to update an IEC:
– Get the entry form you need to update the IEC. It is on the webpage for the DGFT.
– Fill in the necessary information and make sure it’s correct.
– There were documents to back up the exact changes that needed to be made. For example, if you move, you need to show proof of your new location.
– Send the application form and any supporting papers to the DGFT office for your region.
– The authority looks over the application and any other papers that were sent.
– The changes are made to the IEC database if everything is in order.
– Most of the time, the applicant gets a new IEC certificate with the updated details.
The Import Export Code (IEC) is a very important paper for companies that do business internationally in India. But there are times when IEC users need to change their codes or turn them off. For deals to go smoothly and to comply with DGFT rules, it is important to follow the rules. By knowing how to update or deactivate IECs, people and companies can keep their import and export operations running smoothly and in accordance with the laws and rules.