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ABOUT IEC MODIFICATION
The Pre-requisites needed for IEC modification include PAN of an individual/ business for which IEC was issued, Valid e-mail id. & mobile no.
Under the normal circumstances, an individual is required to get IEC modification online once a year as per the import-export laws.
In case of any error in IEC is detected or a change is required in the Import-Export code, IEC modification is to be done immediately.
Change in Business Address
In case, the address of a business firm is changed, it should be immediately updated through the IEC modification online process.
Change in the Company Name.
If there is a change in the name of the business firm or the company name, the same should be updated with IEC modification.
Addition/Deletion of a Partner/Director
If there is an addition/Deletion of a PAN in a business firm or addition/Deletion of a Partner/Director in a company, it should be updated.
WHAT IS MEANT BY IEC MODIFICATION?
Any change or alteration made in the business details which is carrying on Import Export Code Certificate need to modify immediately while filing an IEC modification application online before DGFT.
WHAT IF IEC MODIFICATION NOT TIMELY FILED
In case of non-intimation of changes in business details with DGFT may cause cancelation of import-export code and in some cases may result in pecuniary action as well.