IEC Renewal
It is mandatory for any trader in India to obtain an Importer Exporter Code (IEC) in order to indulge in Imports and Exports. This code is issued to traders who engage in import and export business from and to foreign nations and is administered by the Directorate General of Foreign Trade, India.
Continuity of the IEC code is of utmost importance and its use is considered valid after renewal once every year. Complete renewal can be filed online through the DGFT website without any hassle, which is the process to renew your IEC, which can be done quite easily. Most of the companies in India require the renewal of their IEC during that time period, which is approximately during April or May.
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It is also plastique to update IEC continuously because other than the aspect of compliance with rules and regulations regarding international operations, it also supports the efficiency and smooth running of international business.
This coming article from Blacktie Legal Services India LLP entails all the necessary information one needs to know regarding the IEC renewal procedure in India while stressing on the point that it is always wise to adhere to the laid down timeframes and procedures so as not to considerably inconvenience business.
When to Renew ?
The renewal window for renewing IEC usually opens in April of every year and thereafter the time for closing this window is in May. That is why all business people are advised to do their renewal procedure as quickly as possible within the given time period. Because if this procedure is started early then delay or penalty can be avoided.
Required Documents for IEC Renewal
All the essential documents for IEC renewal can vary greatly, which we have mentioned below:
- A copy of your existing IEC certificate
- Company PAN card
- Proof of address for the company (such as Aadhaar card, passport, )
A canceled check for your bank verification
Renewal Process
DGFT has streamlined IEC measurements to a large extent, making the process entirely online. The main objective of this step towards digitalization is just to simplify the process and make it more accessible and efficient for all businesses. Here is a step by step guidance on the entire process of renewing your IEC:
Register or Login
The initial stage of renewal is mainly the use of DGFT website to access the renewal process. First of all, if you are a new user; You need to go through the registration process by entering your details and obtaining a username and password.
Regular users will be able to sign in with their profile’s login information. The new and current login details must be followed to avoid complications while renewing the membership of the site.
1. Link Your IEC
After a user login, he or she should be able to see the “Link IEC” button on the main page. To avail of the services, continue with the instructions to associate your present IEC number with your user account.
This step might elaborate the use of a digital signature as a confirmation or an Aadhaar based OTP (One-Time Password). Tying your IEC means that any pieces of data related to your account are automatically connected to the correct ones to optimise the renewal procedure.
2. Update/Modify IEC
After clicking on your IEC option link click on “IEC Update/Modify IEC” tab. Here, it is possible to view the contact information associated with your IEC and modify the information if necessary.
This step is especially necessary to check new and recent contact details, addresses and any other company data. This is good because it makes it easier to avoid some of the problems that may arise when it comes to renewing records.
3. Submit and Verify
After you have gone through the section and updated the required information, you can go ahead and apply online. This step may involve uploading scanned documents to support the application to the relevant intensive course. Depending on the case, different documents may be required,
Thus, it is recommended to consult the information current at the given moment on the DGFT website. Accuracy of the information that is provided during the renewal process is empathetic since any form of mistakes or missing of essential details will lead to compilation of wrong information, thus the renewal application being rejected or delayed.
4. Payment
The last step of renewal procedure is the payment of renewal fee which is very necessary. As for the payment process, DGFT has made it easier by providing provision of multiple payment modes. The first thing you should do is make sure you have completed the payment, and save a copy of the payment confirmation as evidence of payment.
Additional Points
1. Digital Signature or Adhara-based OTP
For enciphering and securing business transactions, it is mandatory to possess the Valid digital signature certificate or get Adhara-based OTP. This
makes the renewal process more secure and only the personnel with the permission to change the IEC details can do so.
2. Accurate Contact Information
It is also very important to keep the database of email IDs and phone numbers uploaded on the DGFT portal updated as this ensures that you get timely alerts/information on the renewal process/other communications from DGFT.
3. Record Keeping
An applicant should always retain the copy of the filled online IEC renewal application, and the confirmation of payment made for the renewal process. These are documents of compliance that can be useful in case of any query in the future, or in any audits.
Conclusion
Renewing IEC is one of the extensive and essential processes for companies dealing in cross-border trade to continue recognition by the Indian government. DGFT’s switch to an online process has also contributed to improving IEC renewal for businesses.
Through compliance with the renewal schedule, proper accuracy of each information input, and proper organization of required documents, businesses can save themselves from postponements and penalties.
Thus, being vigilant about IEC renewal is as important as it is effective, as it goes a long way in promoting trust in cross-border trade as well as maintaining business continuity.
What we offer ?
The IEC renewal process in India is now entirely online, Blacktie Legal Services India LLP can offer several services to make it easier and ensure accuracy:
Streamlining the Process:
- Account Registration and Login Assistance: Guiding you through the DGFT website registration process or helping you log in if you encounter difficulties.
- IEC Linking: Assisting with linking your existing IEC number to your user profile on the DGFT portal.
- Navigation and Form Completion: Providing guidance on navigating the online renewal platform and ensuring all sections of the update/modify IEC form are filled correctly.
Data Verification and Management:
- Information Review and Updates: Reviewing your existing IEC details for accuracy and completeness and assisting with any necessary updates.
- Document Management: Helping gather and scan the required documents (IEC certificate, PAN card, proof of address) for online submission.
Additional Services:
- Deadline Reminders: Keeping track of the IEC renewal window (typically April-June) and reminding you to initiate the process.
- Compliance Checks: Ensuring your IEC information aligns with current regulations and that the renewal process is completed according to DGFT guidelines.
- Technical Support: Offering assistance if you encounter any technical glitches while navigating the online portal.