When you want to import and export goods, you need to renew your IEC code,
which stands for Import Export Code. The certificate is needed for both the
importer and exporter to process the transactions. The IEC has to be renewed
annually. Normally, the renewal process takes place between April and June. If
you fail to renew your IEC before this time, it will be invalid and
deactivated. If you need to update your IEC, you should use the online process.
You can do IEC renewal online by following a few simple steps. You will
need your IEC code and PAN number. Then, you can download the IEC in PDF
format. It is valid for one year and can be shared with all the concerned
parties. The IEC code can also be used for applying for Government schemes. The
IEC code is valid for a lifetime, which makes it very convenient for
businesses.
The online process involves entering the required details. In addition to
PAN and bank account details, you must also have a valid address. The IEC is
good for three years and must be updated at least once a year. After that, you
can surrender it. Your IEC will be automatically renewed. This is a convenient
way to update your certificate. It will help your business in conducting
transactions. So, renew your IEC today and start doing business again!
Process To Follow
When You Register and Update Your Existing IEC
The process to
follow when you register and update your IEC is similar for an Importer and an
Exporter. It will involve the filing of a profile with your Regional Authority,
updating the pre-filled form, and submitting it. The successful signing will be
verified by the RA. Once your IEC code is approved, you can print or upload it
to use in international trade. The certificate is valid for five years and can
be used for all import and export transactions.
Once you are
approved, you will need to fill out an application form. You will need to enter
your PAN number, name, and date of birth. You will also need to enter your
registered email address and mobile number. Once you have entered this
information, you will be asked to upload documents verifying your business
ownership, such as tax returns and bank statements. Fortunately, the IEC
application system allows you to upload a maximum of five MB of documents.
The IEC code
will last for the life of your business. You do not have to renew it as it is
valid for life. However, you may need to change your email ID or phone number,
or you might want to change the name of your firm. This is a common reason to
update your IEC. If you've already updated your IEC, you'll need to reapply for
a new one.
You can change
your email address and phone number by following the procedure. In addition, if
you have relocated from a previous location, you'll need to reapply for an IEC.
This registration is not free, but it's worth it to avoid any unnecessary
hassles. So, be sure to check your eligibility before submitting an
application. The Process to Follow When You Register and Update Your Existing
IEC.
To get a new
IEC, you'll need to fill in the form online. You'll need a valid PAN and bank
account to apply for a new IEC. You'll also need to provide a valid address.
The DGFT may check your address before issuing your new IEC. Your IEC will be
sent in the mail within a few weeks.
You can also apply
for an IEC for a firm. Before applying for your IEC, you must have a valid bank
account and a valid address. You can also apply for an IEC for an individual if
you're applying as a business. If you have a business with more than one
location, you can have multiple IECs for the same company. If you're an
individual, the first one is free.
How To Apply For
“Revoke Suspension” Of IEC?
In case you are
wondering how to apply for revoked suspension of IEC, this article will guide
you through the process. To revoke IEC, a person should visit the DGFT website
and link his IEC on it. Once he does so, he should submit a request online. In
this regard, he needs to provide all the relevant information.
An individual
can apply for Revoke Suspension of their IEC online. In order to do this, the
individual should submit the surrender documents along with the application
form. Once the application is submitted, the IEC is automatically considered
surrendered and all future transactions will be prohibited until the process is
completed. Once the process has been completed, the person will no longer be
eligible to use his IEC to transact business. The DGFT will notify the licensee
and allow him a reasonable opportunity to make an appeal.
The DGFT will
need to notify all concerned departments regarding the suspension. These
departments include RBI, Customs, and the Licensing Authority. You can submit
your application online by logging into the DGFT website and clicking on
'Services'. You will need to provide a PAN number as well as a valid address in
order to be considered for a license.
