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of <h1>Trade Authority Eases IEC Modification for PAN Changes, Ensures Liability Transfer in Mergers and Conversions.</h1> The Directorate General of Foreign Trade issued a notice addressing difficulties faced by Importer Exporter Code (IEC) holders in modifying their codes, particularly when there is a change in the Permanent Account Number (PAN) due to changes in the firm's constitution. The Ministry of Corporate Affairs clarified that liabilities transfer automatically to the new entity in cases of mergers or conversions. Regional Authorities are instructed to process IEC modification applications involving PAN changes, ensuring liability transfer. Additionally, applications digitally signed by power of attorney holders should be accepted, even if not explicitly mentioned in the application format.
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