Clarification on Personal IEC code.

[Kishan Barai]

Respected Sir / Madam

Recently one of my student has applied for personal IEC code in DGFT Rajkot office. There the authority rejected the proposal for personal IEC & said you can not get the IEC code with savings bank account.

Earlier my south student got the IEC with savings account.

If we refer to the latest IEC notification you require 3 documents to get the IEC online.

1. PAN Card

2. Cancelled Cheque or Bank Certificate with Name of Applicant/ Firm with IFSC code.

3. Digital Photo

In that if you refer to bank format it goes like this......

(Name of the bank/branch address detail)
Ref No. ...........................
To Office of the Regional Authority of DGFT
..................
....................
...................
(please fill in the address of the concerned jurisdiction Regional Authority)
Sir/ Madam It is certified that M/s. (Name of the account holder)* ………………………whose address
as per the bank records is ……… is/ are maintaining a Savings Bank Account / Current Account (tick
whichever is applicable) No. ....... with us, since .................. ...
Affix Passport Size Photograph of the authorised account holder*
Note: The photograph as affixed and attested is of the account holder**.
[This does not apply in cases where the account holder is an institute/ company (LLP/ Private/
Public/Govt. Undertaking / Section 25 Company)]
(Signature of the issuing authority) (Not below the rank of Manager)
Name………....
Designation ………....
IFS Code of the issuing bank: ………....
Email id of the bank: ………....
Date: ………....
Place: ………....
(Banks’ Stamp)

I did not find any rules or regulations which says that IEC can be issued against Current Account only & you can see the above gov format Savings Bank Account / Current Account (tick
whichever is applicable).

My question is can one issue personal IEC with savings account ?

& Is there any circular or notification which could help me to convince the staff of Rajkot DGFT office.

Thank you very much in advance........

[Malay pota]

Dear Kishan

There is no notification but DGFT office can not say that they will not issue IEC if Bank account is a saving account because there in no such restriction in the entire FTP and HB of FTP moreover the attched format of bank certificate itself shows maintaining saving / current account.

Part B Appendix 18 A FORMAT OF BANK CERTIFICATE FOR ISSUE OF IEC (To be issued on the official letter head of the Bank) ________________________________________________________________ Ref No. …………………. To …………………………. …………………………. …………………………. (Name and address of the licensing authority) Sir / Madam, We certify that M/s……………………………………………(Name and Address of the applicant) are maintaining a Savings Bank Account / Current Account (tick whichever is applicable) No. …………………….. with us since ……………… ………………………… Affix Passport Size Photograph of the applicant Note : The Banker must identify and attest the photograph. (Signature of the Banker) Name ……………………. Designation …………….. Date : …………… Place : ……………… Email ID of the Banker: [Email ID of the official issuing this Bank Certificate] (Banks Stamp)

[Kishan Barai]

Thanks a lot sir, that's the same thing I told to DGFT office at Rajkot.

AI Summary

Personal IEC issuance: bank certificate may evidence a savings account and must follow prescribed format for acceptance. Issuance of a personal Importer Exporter Code (IEC) is not limited to current accounts: the prescribed bank-certificate formats for IEC applications expressly accommodate either a Savings Bank Account or a Current Account, requiring the banker to certify account maintenance, attest a photograph, and provide officer details and bank stamp, and there is no provision in the FTP/HB restricting IEC issuance to current accounts.