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of <h1>Foreign Trade Procedure: Update IEC Changes Within 90 Days, Penalties for Delays, Import Values in Rupees & Convertible Currencies</h1> Chapter 9 of the Foreign Trade Procedure outlines various procedural requirements for importers and exporters. IEC holders must update changes in name or constitution within 90 days, with possible penalties for delays. Import authorizations must state values in both Rupees and convertible currencies. Late applications incur penalties, and supplementary claims face a 2% cut. Importers/exporters must provide requested information and maintain consumption registers for imported items. The DGFT serves as an export facilitation center, with grievance committees addressing trade issues. Applications are processed within specified timeframes, and shipment dates are defined by transportation mode. The DGFT holds review authority over subordinate decisions.
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