Only one Importer Exporter Code (IEC) is allowed against a single Permanent Account Number (PAN) issued by Department of Income Tax (Paragraph 2.9 of HBP). The IEC data indicates the genuineness of an exporter/ importer and determines his/her unique identity in the Trade and helps the regulatory agencies in tracking the holder in cases of default. This IEC data is transmitted online to Customs by the DGFT.
Scrutiny of the IEC master records revealed that the IEC allotment dates were prima facie incorrect in 42 cases, since the date of IEC allotment was found to be after the current date, viz. between 18 March 2088 and 07 January 2992. All 42 such IECs are active in the database.
Thus, the DGFT EDI System lacks output control checks even for important IEC data such as the issue date.
Source- Report No.8 of 2015 – Union Government (Indirect Taxes – Customs)
Compiled by Taxguru Team