Import Export Codes

  • September 28, 2021
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
No Comments

 

 

Import Export Codes

Subject – Economy

Context – government is making it mandatory to update Import Export Codes

Concept –

  • The government is set to start deactivating Import Export Codes (IECs) for firms that have not given updated information to the government starting October 6.
  • An IEC is a business identification number that is mandatory for export from India or import.
  • Earlier this year, the Directorate General of Foreign Trade (DGFT) amended IEC rules to require all firms engaged in import or export to update their details every year between April and June.
    • The DGFT later extended the timeline for firms to update details this year till the end of August based on requests by industry.
  • The IEC granted by the DGFT is mandatory for any firm engaging in exports or imports.
economy Import Export Codes