Follow Us :

1. The Central Government has made some amendments under Foreign Trade Policy, 2015-2020, under Chapter 1 and Chapter 2 of FTP, 2015-2020, through the Notification dated 12th February, 2021.

2. Following are the amendment under FTP, 2015-2020:-

FTP Para no. Pre- Amendment Post Amendment
1.11 Issue of e-IEC (Electronic –Importer Exporter Code) e-IEC (Electronic –Importer Exporter Code)
(a) Importer Exporter code (IEC) is a mandatory for export/import from/to India as detailed in paragraph 2.05 of this Policy. DGFT issue Importer Exporter code in electronic form (e-IEC). For issuance of e-IEC an application can be made on DGFT https://www.dgft.gov.in/. Applicant can upload the documents and pay the requisite fee through Net Banking. Applicant shall however, submit the application duly signed digitally Importer Exporter code (IEC) is a mandatory for export/import from/to India as detailed in paragraph 2.05 of this Policy. DGFT issue Importer Exporter code in electronic form (e-IEC).

Application for issuance of e-IEC can be made directly on the DGFT web Portal. https://www.dgft.gov.in/.

2.05 Importer- Exporter Code(IEC) Electronic –Importer Exporter Code (e-IEC)
(C) Application process for IEC is Completely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook of Procedure. (c) Application process for IEC and any kind of Updation in IEC is Completely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook of Procedure.

3. Further, the following are the paragraphs are inserted under the para 2.05 of the Chapter 2 of FTP, 2015-2020 as given below:

FTP Para no. Post Amendment
2.05(d)  An EIC holder has to ensure that details in its IEC is updated electronically every year, during the period between April –June.

In cases where there no changes in IEC details same also need to be confirmed online.

2.05(e) An IEC shall be deactivated, if it is not updated with the prescribed timing.

An IEC so de-activated may be activated, in its successful Updation. This would however be without prejudice to any other action taken for violation of any other provisions of the FTP.

2.05(f) An IEC may also be flagged for scrutiny. IEC Holders are required to ensure that any risk flagged by the systems is timely addressed; failing which the IEC shall be deactivated.

4. Further, Para 1.11 (b) , 1.11(c) and 1.11 (d) of Foreign Trade Policy, 2015-2020 are deleted.

Tags:

Author Bio

I am true professional completely dedicated towards the project assigned in Legal, Secretarial & other matters relating to Company Law, Corporate Governance, Legal Drafting and Corporate Planning. Riya holds specialization, in the field of company law matters like Incorporation of Public Company View Full Profile

My Published Posts

Can NRI (Non Resident India) purchase Commercial property in India? Auditor Appointment by Companies under Companies Act, 2013 Distribution of Dividend under Companies Act, 2013 – FAQs 15 Statutory compliances of Private Company under Company & FEMA Law Change The Name of The Company – Stepwise Procedure View More Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *