DGFT – cpawebb.net

DGFT

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IEC (Import Export Licence)

Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation. The first step in expanding a business abroad is to export and import products & services. Trading not only helps the business personnel individually but also provide benefits to the Country as well. The government has prioritized trade facilitation in order to reduce transaction costs and time.

The various provisions of the Foreign Trade Policy and measures taken by the government in the direction of trade facilitation have been consolidated for the purpose of import and export trade. The most important aspect of a company’s success is growth. Expansion of business globally could be the very first step towards this. Import Export Code Renewal every year is mandatory now for IEC License holders. Once import export code is issued, exporters can apply for port registration on icegate portal with the help of AD Code registration.

Update/Modify IEC

Import Export code requires renewal every year during April June period. Failing to do so will result in deactivation of the IEC license. Earlier it was not needed to renew each year.

But on 12th February, 2021, Central Government made amendments in Import Export acide related provisions under chapter1 and 2 of Foreign Trade Policy. This amendments made updation of IEC code details mandatory for all IEC or e-IEC holders on DGFT portal each year.

Revoke Cancellation of IEC

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EPCG (Export Promotion Capital Goods)

The objective of the Export Promotion Capital Goods (EPCG) Scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness.