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How to surrender Importer and Exporter Code?

If an IEC holder voluntarily wants to surrender an IEC certificate, this can be done on the DGFT website. Learn more about the process of IEC surrender in this blog.

Obtaining an IEC is one of the most essential steps before starting an import-export business. It is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. In some cases, an IEC holder might want to surrender the certificate and shut a trade business – this can be done online on the DGFT website.

Why surrender an IEC?

There might be circumstances where a seller or a trader intends to shut a business for multiple reasons. Whether one wants to import or export products or services, IEC registration is mandatory. However, in an event where a business will be shut down, the seller can also surrender the IEC certificate.

How to surrender IEC online?

An IEC holder can surrender their IEC license online by submitting an IEC registration application on the DGFT website.

Documents and details required for IEC surrender

Some of the documents and details required are¹:
· Registered email address
· Address and location of the business
· Pan card
· License number
· Enclosure of the original IEC certificate
· Cover letter to the Additional Director General of Foreign Trade

Step-by-step guide to surrender IEC certificate online

Below is the process to surrender IEC online:
1. On the DGFT website, choose the ‘services’ tab on the homepage.
2. From the drop-down box under services, select ‘IEC profile management’.
3. Scroll down and click on ‘surrender IEC’ option.
4. Login using your registered email address and password.
5. Fill in the necessary business information such as PAN number and business name, and click ‘surrender’.

Get expert help for IEC documentation

Suspension of IEC vs surrendering of IEC

If DGFT finds that a particular IEC holder is not following certain regulations or has not updated details as per recent notifications, it may take the initiative to suspend that IEC. If the IEC holder chooses to surrender, he/she can do so voluntarily and for a variety of reasons, such as the closure of their place of business. A person who has had their IEC code suspended or revoked is not permitted to import or export any goods without a specific permission.

All businesses interested to import or export goods worldwide need to obtain an IEC. Various export incentive schemes introduced by the government like MEIS, Rebate of State and Central Taxes and Levies (RoSCTL) scheme, etc. can be availed by exporters who have obtained an IEC for their business. Exporters can also furnish Letter of Undertaking (LUT) under GST, without paying the integrated tax. With required documents and registration with an e-commerce exports program, Indian sellers can take their local products across the world.

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More blogs on IEC

1. Importer Exporter Code (IEC): How to obtain and export from India?

2. How to verify IEC code online?

3. How to download IEC certificate online from the DGFT website?

4. How to link Importer Exporter Code (IEC) with DGFT?

5. How to modify IEC on DGFT: Step-by-step procedure

6. 6-Step guide: How to apply for IEC

7. How to check IEC application status online?

Frequently Asked Questions

How do I check my IEC surrender status?

You can monitor the status of your application on the Directorate General of Foreign Trade’s (DGFT) website if you have already filed it. Click on ‘Apply for an Importer Exporter Code’ on the DGFT website and you will be able to see all the applications that DGFT has received and processed.

What happens if IEC is not renewed?

If your business has an IEC, it is important to renew it on time each year. Updating IEC is now required and must be finished before the deadline.

Does IEC have an expiry date?

An IEC becomes inactive if it is not updated within the allotted time frame.

When is IEC deactivated?

An IEC holder is required to update the IEC after the DGFT’s notice between April and June. If this is not done, IEC may be deactivated.

Published on February 10, 2023.

Sources:
1. https://corpbiz.io/learning/surrender-of-iec-license/
2. https://www.dgft.gov.in/CP/?opt=iec-profile-management
3. https://enterslice.com/learning/surrender-iec-license/#:~:text=If%20the%20IEC%20holder%20voluntarily,renewing%20the%20same%20every%20year.
4. https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=55397
5. https://old.icegate.gov.in/EnqMod/
6. https://financepost.in/iec/
7. https://www.icegate.gov.in/sites/default/files/2022-04/eSANCHIT_Step_by_Step_Procedure_updated.pdf
8. https://content.dgft.gov.in/Website/dgftprod/74893b60-2434-4b7c-b90d-ee9fe0eb7320/Notification%2058%20Date%2012-02-2021%20English.pdf

How to verify IEC code online?

How to modify IEC on DGFT: Step-by-step procedure

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