New IEC Application Process: Same-Day Processing, Photo Requirement, and Monthly Verifications Detailed in Trade Circular.
The circular from the Office of the Zonal Joint Director General of Foreign Trade outlines procedures for the submission and processing of Importer Exporter Code (IEC) applications. Applications submitted by authorized individuals at a designated counter before 1:00 pm will be processed the same day, while those submitted later will be processed by the next day. Additional requirements include affixing a photograph of the applicant on the Bank Certificate and IEC. A 10% physical verification of new IECs will occur monthly, focusing on accounts opened within six months. Any discrepancies found during inspections will lead to immediate action, including disabling the IEC. IEC certificates will be dispatched by registered post, with undelivered certificates prompting further checks. Compliance with these procedures is mandatory, with lapses subject to accountability.
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