Last date of IE Code annual confirmation / amendment / updation is 30-6-2021…. hope you have done the same, if not, pls do
DGFT had issued a notification for applying, updating IEC (Now e-IEC). It is mandatory Every year from April to June even if, all details of IEC remain same all existing holders have to confirmed compulsory. Otherwise, IEC may be de-activated if not upgraded. In this article, we will discuss IEC Code Requires Renewal Every Year, else De-activated.
In exercise of powers discussed by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as revised from time to time, the Central Government has amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.
Further, DGFT applying a new amendment for updating IEC (Now considered e-IEC). Now, every year from April to June even if all details of IEC remain same all existing holders have to confirmed compulsory. IEC may be de-activated if not confirmed.
The following sub-paragraphs are entered under para 2.05 of Chapter-2 of Foreign Trade Policy, 2015-2020 as under:
An IEC holder has to assure that specifications in its IEC are updated electronically every year, during the April-June period. In cases where there are no changes in IEC details same also requires to be confirmed online.
An IEC shall be de-activated, if it is not updated within the specific time. An IEC therefore de-activated may be initiated, on its successful up-gradation. This would be without detriment to any other action carried for violation of any other provisions of the FTP.
An IEC may be also be flagged for scrutiny. IEC holders are obligated to assure that any risks flagged by the system are timely declaimed, otherwise the IEC shall be deactivated.
If you need any other guidance concerning the IEC Code, please feel free to contact our business advisors
Ministry has issued, The Companies (Accounting Standards) Amendment, Rules 2021 passed on 23rd June 2021. These Rules came into effect on 23rd June 2021.
The ministry of corporate affairs (MCA) has raised the threshold turnover and borrowing limits in its definition of small and medium companies (SMCs) to align the applicable accounting standards rules with the latest definition as per the ministry of micro, small & medium enterprises.
Small and Medium-Sized Company (SMC) as defined in Clause 2(f) of the Companies (Accounting Standards) Rules, 2006: (f) “Small and Medium-Sized Company” (SMC) means, a company
The 388-page notification has defined small and medium companies as :
whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India;
which is not a bank, financial institution, or an insurance company;
which is not a holding or subsidiary company of a company that is not a small and medium-sized company.
MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021.
3. Accounting Standards.- (1) The Central Government hereby specifies Accounting Standards 1 to 5, 7 and 9 to 29 as recommended by the Institute of Chartered Accountants of India, which are specified in the Annexure to these rules.
(2) The Accounting Standards shall come into effect in respect of accounting periods commencing on or after the 1st day of April, 2021.
Speaker: Sangeet Kr Gupta, FCA.
Who must attend:
Owners, Accounts, Purchase and Sales Dept personnel
Join Zoom Meeting
Meeting ID: 831 8332 4121
MLG Associates, Chartered Accountants. CA Firm in Faridabad.
Already we are a team comprising 8 (Eight) CAs, 3 Company Secretaries, and about 25+ other members, all from a Single Office
Our biggest division is our Accounting BPO.
Here we serve various Corporate Customers with Total ( Aggregate ) Turnover of about Rs 450 Crores per annum ( Financial year 20-21, despite Covid19 ). And handle their every Accounting Dept work, from Data entry, to Bank Reconciliation, to GST returns, to TDS payments, to Cheques / NEFT / RTGS Preparation, to Balance Sheet Finalisation, to submission of all details to the External Auditors and replying to Letters and Notices from Tax Authorities, when required.
Job Description for you will be :
Location of Posting : Crown Plaza Mall office, Sector 15A, Faridabad.
Desired Candidate Profile : Education = CA Completed, and CA-Final ( not pursuing )
Experience : 5 years post qualification