Import/Export Code (IEC) Registration

IEC Registration Process

• 1.   Register on the DGFT portal.
• 2.   Fill out the IEC application form.
• 3.   Upload required documents and pay the fee (₹500).
• 4.   Receive IEC via email after verification.

Modification and Cancellation of IEC

IEC details can be updated or modified in case of any changes in business information such as address, ownership, or bank details. You can modify your IEC by logging into the DGFT portal and submitting the required documents.

If you wish to cancel the IEC, you can do so online through the DGFT portal. Once cancelled, the IEC becomes invalid, and the business can no longer engage in import/export activities.

Benefits of IEC

• •   Global market access
• •   No renewal required (lifetime validity)
• •   Government incentives for exporters
• •   Simple application process
• •   No Annual Compliance

Compliance and Penalties

IEC holders are required to comply with the Foreign Trade Policy and other import/export regulations. Failure to comply may result in:

• •   Suspension or cancellation of the IEC
• •   Fines and penalties under the Foreign Trade (Development & Regulation) Act.
• •   Legal action for serious violations

Frequently Asked Questions (FAQs):

Q1. Is IEC registration mandatory for services export?

Yes, IEC is required for service providers involved in cross-border transactions where foreign exchange is earned.

Q2. How long does it take to get the IEC?

IEC is typically issued within 2-5 working days after the application is submitted.

Q3. Is there any renewal required for IEC?

No, IEC is valid for a lifetime and does not require renewal.

Q4. Can I apply for IEC if I am a sole proprietor?

Yes, individuals, including sole proprietors, can apply for IEC.

For assistance with IEC registration, contact Prahar Filing & Advisory for expert guidance.