Corporate Updates – 20-02-2015


DGFT has noticed from the centralised IEC data bank that multiple IECs have been obtained by some firms / companies from various Regional Authorities of DGFT against the single PAN in contravention of the applicable provisions. This requires corrective action for maintaining consistency with policy and data integrity. Accordingly it has been directed that only one IEC shall be issued against a single PAN and all Multiple IECs issued against a single PAN will be deactivated suo-moto after 31.03.2015 and all Importers/exporters having multiple IECs against a single PAN have the option of retaining any one IEC and surrender all other IECs to the concerned RAs by 31.03.2015.


CBDT has amended the Commodities Transaction Tax Rules, 2013, which may be called the Commodities Transaction Tax (First Amendment) Rules, 2014 and shall come into force on the date of their publication in the Official Gazette. Through this amendment, the definition of Agricultural commodities has been substituted with new definition to cover almost all of the agricultural produce.


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