Annual Renewal or Updation of IEC

You must be aware that the Import Export Code (IEC) is a PAN Based unique Id maintained by the DGFT, being a prerequisite for doing any transaction involving import or export. Though an IEC is a permanent code, the government of India, with effect from 2021, has come up with an annual updation requirement applicable to all persons having an IEC. The IEC updation is an online process and can be completed with the use of DSC or Aadhar based OTP for authentication. The purpose of this annual Renewal of the IEC is to have correct and updated particulars of the business and the users of the DGFT portal. It is essential to have the IEC updated on an annual basis with the correct OTP Verified email and mobile numbers of the business so that the database of the DGFT is correct and reliable. The DGFT, in its Trade Notice No 01/2021-22 dated 29/04/2021, introducing the requirement of annual updation of the IEC, has made it mandatory with effect from the FY 2021-22, where the IEC holder must update the IEC during April to June 2021. However, the date is further extended until 31st August 2021. It is further provided that the non-updation shall lead to the deactivation of IEC.