The law
Foreign Trade (Development and Regulation) Act 1992, Sec 7
No import or export except under an Importer-exporter Code Number; for services or technology only when taking FTP benefits or dealing in specified servicesSource
Handbook of Procedures 2023, Para 2.07
IEC is compulsory for imports and exports; exemptions include government departments, personal non-trade imports and exports, and small border trade with Nepal, Bhutan and MyanmarSource
Handbook of Procedures 2023, Para 2.08
Apply online in ANF-2A on the DGFT portal with fee; IEC is auto-generated; upload cancelled cheque or bank certificate and address proofSource
Handbook of Procedures 2023, Paras 2.10 and 2.12
IEC has permanent validity unless suspended or cancelled, covers all branches; only one IEC per PANSource
Handbook of Procedures 2023, Para 2.14
Changes in constitution, address, bank or other primary details must be updated online within 30 days; new PAN after merger or conversion needs a new IEC within 30 daysSource
Foreign Trade Policy 2023, Para 2.05(d) and (e)
IEC holders must update details electronically every year in April to June; non-updated IECs are deactivatedSource
Government fee
₹500 for issue of IEC (Appendix 2K, Sl. No. 1). Annual updation in April to June: nil (Appendix 2K, Sl. No. 6(A)). Amendments: ₹200 under the general amendment entry (Sl. No. 6). Source: https://content.dgft.gov.in/Website/dgftprod/62923d1c-9384-4416-abab-7d9cf488c156/2K_Updated.pdf
Late fee or penalty
No late fee found. A missed annual update leads to deactivation under FTP Para 2.05(e); the IEC is reactivated once the online update succeeds. Source: https://texprocil.org/circular/1757054033-Eserve-154_of_2025.pdf and https://www.simpliance.in/India/FCC/govt_notification/Central/trade-notice-on-de-activation-of-iecs-not-updated-at-dgft-dated-14012022