{"id":2406,"date":"2021-02-18T05:55:25","date_gmt":"2021-02-18T05:55:25","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=2406"},"modified":"2021-02-18T05:56:43","modified_gmt":"2021-02-18T05:56:43","slug":"amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/","title":{"rendered":"Amendment of IEC Provisions under Foreign Trade Policy by DGFT"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Recently, the\nCentral Government, in view of the powers provided by way of section 3 of the\nForeign Trade (Development and Regulations) 1992, read with paragraphs 1.02 and\n2.01 of the Foreign Trade Policy 2015 to 2018, has decided to amend the IEC\nconcerning provisions under Chapter 1 and 2 of the Foreign Trade Policy 2015 to\n2020.<\/p>\n\n\n\n<p>Also, it shall\nbe significant to state that these provisions will come into effect on an immediate\nbasis, once it\u2019s get approved by the Ministry of Commerce and Industry. <\/p>\n\n\n\n<p>In this blog, we\nwill discuss about the amendment of IEC Provisions under Foreign Trade Policy\nby DGFT.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3abef2dc494\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3abef2dc494\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Concept_of_Foreign_Trade_Policy_2015_to_2020\" title=\"Concept of Foreign Trade Policy 2015 to 2020\">Concept of Foreign Trade Policy 2015 to 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Key_Amendment_of_IEC_Provisions_by_DGFT\" title=\"Key Amendment of IEC Provisions by DGFT\">Key Amendment of IEC Provisions by DGFT<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Substitution_of_Provision_111\" title=\"Substitution of Provision 1.11\">Substitution of Provision 1.11<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Substitution_of_Provision_205\" title=\"Substitution of Provision 2.05\">Substitution of Provision 2.05<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Insertion_of_Sub-paragraphs_under_Paragraph_205\" title=\"Insertion of Sub-paragraphs under Paragraph 2.05\">Insertion of Sub-paragraphs under Paragraph 2.05<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Provisions_of_205_d\" title=\"Provisions of 2.05 (d) \">Provisions of 2.05 (d) <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Provisions_of_205_e\" title=\"Provisions of 2.05 (e) \">Provisions of 2.05 (e) <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Provisions_of_205_f\" title=\"Provisions of 2.05 (f)\">Provisions of 2.05 (f)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Deletion_of_Provision\" title=\"Deletion of Provision\">Deletion of Provision<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Effect_of_Amendment_of_IEC_Provisions\" title=\"Effect of Amendment of IEC Provisions\">Effect of Amendment of IEC Provisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/amendment-of-iec-provisions-under-foreign-trade-policy-by-dgft\/#Official_DGFT_Notification_on_Amendment_of_IEC_Provisions\" title=\"Official DGFT Notification on Amendment of IEC Provisions\">Official DGFT Notification on Amendment of IEC Provisions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Foreign_Trade_Policy_2015_to_2020\"><\/span>Concept of Foreign Trade Policy 2015 to 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Foreign Trade Policy or FTP 2015 to 2020 was\nlaunched by the government on 01.04.2015. The said policy aimed to provide a\nframework for increasing and boosting the level of exports and employment in\nIndia. Also, the same was made in consonance with several government\ninitiatives, listed as follows:<\/p>\n\n\n\n<ul><li>Make In India;<\/li><li>Digital India;<\/li><li>Ease of Doing Business;<\/li><li>Skill India;<\/li><li>Startup India;<\/li><\/ul>\n\n\n\n<p>Further, it shall be considerate to take into note that in March 2020, the central government decided to extend the validity period of Foreign Trade Policy 2014 to 2020 by one year. That means the Foreign Trade Policy will remain in force till 31.03.2021. Moreover, the same was done in the light of COVID 19 epidemic, to offer relief under various export promotion schemes.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/import-export-code-exemptions-in-india\/\">All you need to know about Import Export Code Exemptions in India?<\/a><\/mark>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Amendment_of_IEC_Provisions_by_DGFT\"><\/span>Key Amendment of IEC Provisions by DGFT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key amendment of IEC provisions made by DGFT can\nbe summarised as:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_of_Provision_111\"><\/span>Substitution of Provision 1.11<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The provision of 1.11 deals with the issue of e-IEC\n(Electronic Importer Exporter Code). As per the previous regulations, it is\nmandatory to have Import Export Code for the import or export to or from India.\nThe same was specified in paragraph 1.05 of the policy.<\/p>\n\n\n\n<p>Further, DGFT issues the same in electronic form. The applicant needs to file an application on the http\/\/:dgft.gov.in for the issuance of e-IEC.<\/p>\n\n\n\n<p>Also, it shall be necessary for the applicant to\nupload the necessary documents and pay the required fee by way of Net banking.\nAfter that, submit the duly signed application.<\/p>\n\n\n\n<p>However, based on the amended IEC provisions, an\napplicant can file the application for <strong><a href=\"https:\/\/swaritadvisors.com\/iec-registration\" class=\"text-primary\">IEC Registration<\/a><\/strong>,\ndirectly on the official DGFT portal at https\/\/www. dgft.gov.in.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_of_Provision_205\"><\/span>Substitution of Provision 2.05<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the previous provisions, the process for filing\napplication for IEC Registration is completely online, and the applicant can\ndownload the issued IEC based on the procedure prescribed in the Handbook.<\/p>\n\n\n\n<p>However, as per the new provisions, the process for\nfiling application and updation of IEC is completely online, and the same can\nbe generated online by the applicant by following the procedure mentioned in\nthe Handbook.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Sub-paragraphs_under_Paragraph_205\"><\/span>Insertion of Sub-paragraphs under Paragraph 2.05<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The sub-paragraphs inserted under paragraph 2.05 are\nas follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Provisions_of_205_d\"><\/span>Provisions of 2.05 (d) <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>An Import Export Code holder needs to confirm that\nthe details mentioned in its IEC are updated electronically on an annual basis.\nThe same will be done during the period of April to June. <\/p>\n\n\n\n<p>Also, if in case there are no changes in the issued\nIEC, then, in that case, the holder needs to confirm the same online.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Provisions_of_205_e\"><\/span>Provisions of 2.05 (e) <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>If in case an applicant fails to update its IEC\nonline within the time prescribed, then, in that case, the issued IEC will be\ndeactivated by DGFT.<\/p>\n\n\n\n<p>However, it shall be relevant to state that the\nDirector General of Foreign Trade may activate the same if the applicant\nsuccessfully update it online. However, the same must be done without any\nviolation to the provision of the Foreign Trade Policy. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Provisions_of_205_f\"><\/span>Provisions of 2.05 (f)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It shall be relevant to state that there are chances\nwhere an IEC may get flagged for scrutiny as well. In this case, the applicant\nor the IEC holder needs to address the issues flagged on a timely basis, else\nthe same will result in the deactivation of IEC.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deletion_of_Provision\"><\/span>Deletion of Provision<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It shall be significant to take into consideration\nthat the sub-paragraphs 1.11 (b), 1.11 (c) and 1.11 (d) of the Foreign Trade\nPolicy 2015 to 2015 are deleted. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Effect_of_Amendment_of_IEC_Provisions\"><\/span>Effect of Amendment of IEC Provisions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It shall be considerate to take\ninto the note that the IEC related provisions provided under Chapter 1 and\nChapter 2 of the Foreign Trade Policy 2015 to 2020 are amended\/ deleted and new\nprovisions are inserted accordingly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, the Director General of Foreign Trade Policy has proposed amendment of IEC provisions under the Foreign Trade Policy 2015 to 2020. The said amendment relates mainly to the process of filing application and updating IEC code by the IEC holder, and will come into force from the date it get approved by the Ministry of Commerce and Industry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_DGFT_Notification_on_Amendment_of_IEC_Provisions\"><\/span>Official DGFT Notification on Amendment of IEC Provisions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Official-DGFT-Notification-on-Amendment-of-IEC-Provisions.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Official-DGFT-Notification-on-Amendment-of-IEC-Provisions<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/how-to-start-a-cocoa-beans-export-business-in-india\/\">Concept and Licenses Required to Start a Cocoa Beans Export Business<\/a><\/mark>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, the Central Government, in view of the powers provided by way of section 3 of the Foreign Trade (Development and Regulations) 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy 2015 to 2018, has decided to amend the IEC concerning provisions under Chapter 1 and 2 of the Foreign Trade Policy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,50],"tags":[397],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2406"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=2406"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2406\/revisions"}],"predecessor-version":[{"id":2415,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2406\/revisions\/2415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/2407"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=2406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=2406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=2406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}