IEC Amendment
IEC is also known as Import Export Code and is asked by the person who wants to be in the trade business or who wants to start their business in import and export issued by the DGFT known as Director General of Foreign Trade. IEC is a 10-digit code that has lifetime validity. If you are into trading you cannot do it without the IEC.
IEC Certificate is issued by the Directorate General of Foreign Trade (DGFT) which comes under the Ministry of Commerce and Industry, Government of India. If there is any change in Office Address/Branch Details, Addition/ Deletion of Directors/Partners, etc. after the IEC is issued, it is possible to continue with the same IEC Code after applying for IEC Modification with DGFT Department.
Features of IEC Modification
Permanent Validity
IEC Code has life-time validity therefore no need to renew the IEC Certificate. In case of any change in the Office Address, Directors/Partners, etc then a similar IEC Code is often maintained after correction.
Error-free Export & Import
When we make changes in the details of the Code, the data automatically gets updated in Govt. Authorities like DGFT & Customs. If we do not modify details in IEC, then due to the mismatch of information trouble can happen.
Export Incentives
Exporters can get a refund of approx. 5% of Invoice Value through the multiple Incentive schemes of the Indian Government.