How to Surrender an Importer – Exporter Code?

Every business has a goal to make their product a global. No export or import is possible without IEC unless specifically exempted.  An Importer -Exporter Code (IEC) is a main business identification number. It is mandatory number for export from India or Import to India. There is phase in business maybe closure of business, completion of task etc., when the entity does not need IEC anymore then they apply for surrender. In this blog we will deal about How to surrender an importer-exporter code.

Importer – Exporter Code 

An Importer -Exporter Code (IEC) is a main business identification number. It is mandatory number for export from India or Import to India. Some of the other important points about IEC are:

• IEC (Importer Exporter Code) is a unique 10-digit numeric code issued on the base of PAN card of a business. 
• An individual or a business who wants to do international business can get an IEC and the individuals can use either the name of their company or their name directly to apply for IEC.
• Except when the service provider is taking benefits under the Foreign Trade Policy, the IEC is not necessary.
• The Directorate General of Foreign Trade (DGFT) issues IEC, which is under Ministry of Commerce, Government of India in the electronic form (e-IEC).
• The application fee for getting IEC is Rs. 500/-
• Nevertheless, the IEC is a ten-digit number code granted on the individuals or company PAN card, one should not surrender an existing IEC number that is not linked with the PAN and apply a new one.
• Because the Importer – Exporter shall not be able to apply again for IEC with the same PAN even if he gets the numeric IEC surrendered or cancelled.

Need of Importer – Exporter Code 

Following points clearly shows what is the need of Importer – Exporter Code: 

• The IEC number is compulsory for the international movement of goods, regardless of citizenship, place of business, or structure of the organisation/business.
• It is an essential document for engaging in import or export business in India. 
• IEC number is also mandatory for customs clearances, bank remittances, and by port authorities

When require to surrender IEC License?

• At the time of Closure of Business
• During the time of winding up of company
• At the time of selling the business
• When one closes the division of the Import export in the business.

Necessary Documents for Importer-Exporter Code Surrender

Following documents are necessary for Importer-Exporter Code Surrender:

• Registered Email Address and Password
• Firm/business Name
• Address of the Business and Location
• IEC holder PAN Card
• IEC License Number
• Attachment of original IEC certificate
• Cover letter addressed to the Additional Director General of Foreign Trade

Process to surrender Importer-Exporter code online

Followings steps are the process to surrender Importer – Exporter online:

• Log in to the DGFT’s official website (dgft.gov.in) and choose the ‘Services’ tab on the homepage 
• Choose ‘IEC Profile Management’ from the drop-down menu on services. If you aren’t already logged in, then directly reach this page using this link – https://www.dgft.gov.in/CP/?opt=iec-profile-management
• On this page, several options such as the prerequisites and processes involved with the IEC will appear. Scroll down the page until ‘Surrender IEC’ option will appear.
• On same page, log in with registered email address and password, if you are new then, create a new profile at this stage by filling in details like mobile number, pin code, district, state, and city. 
• Check-in the relevant business details such as the PAN number, firm name, etc., after logging in and then click on ‘surrender’.  
• The IEC, once successfully suspended, will be revoked for all future transactions of the applicant business. 

Further, after the surrender of IEC, the authority issuing such surrender will notify all the concerned departments such as the RBI, Customs or Licensing authorities that the IEC number has become out of use.

Conclusion

Hence, The IEC number is compulsory for the international movement of goods, regardless of citizenship, place of business, or structure of the organization/business. There is phase in business maybe closure of business, completion of task etc., when the entity does not need IEC anymore then they apply for surrender.