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<h1>IEC Holders Must Submit Annual Trade Returns Online by March 31, 2004, or Face Deactivation; New Rules for PAN.</h1> The circular from the Directorate General of Foreign Trade addresses electronic commerce procedures for IEC holders. IEC holders must submit annual trade returns for FY 2002-03 online by March 31, 2004, or face deactivation. For FY 2003-04, the online module opens on April 15, 2004. A single IEC will be issued per PAN for proprietorships, with modifications for existing multiple IECs. Online application submissions receive a 50% license fee reduction, now requiring digital signatures and electronic payment. DGFT has partnered with several banks for electronic fund transfers, and detailed digital signature guidelines are available on the DGFT website.