Obtaining an IEC
Online Link to Act/Rule/Legislation
Initial Setup or Ongoing Maintenance
Initial Setup only
Filing and Maintenance Requirements
Section 7 of the Foreign Trade Act provides for mandatory requirement of an Importer Exporter Code.
Penalty of minimum
Rs. 10,000 (Rupees Ten Thousand only) and not more than 5 (five) times (whichever is more) of the value of goods and services imported or exported in contravention thereof.
Application Guidelines / Responsible Persons / Comments
Section 8 of the Foreign Trade Act, read with Rules 9 and 10 of the Foreign Trade Rules, provides for the suspension and cancellation of IEC in the following circumstances:
- When there is a contravention of the Foreign Trade Act or of the Foreign Trade Policy.
- When import or export has been done in a manner prejudicial to trade relations of India with any foreign country.
- When there is an import or export of goods and services in contravention of the Foreign Trade Act.