DGFT vide Public Notice No. 34/2015-2020, dated December 24, 2020 amended Para 2.14 Chapter-2 of the Handbook of procedure 2015-2020, that states ‘Modification in Importer-Exporter Code’, by inserting a new sub-para (d) and (e) to introduce the provisions if there is change in constitution of PAN based IEC:
“(d) In case of change in constitution of a PAN based IEC by way of merger, acquisition, liquidation, inheritance etc. such that PAN of the new entity so formed is different from the earlier one, an IEC can be availed against the new PAN, if not existing already. Previous IEC(s) can also be operationally linked to the PAN/IEC of the new entity.
(e) An application for linking the obligations under the old/ previous IEC may be submitted online to the jurisdictional RA of the new entity along with supporting documents. Concerned RA may sanction the given linkage after due scrutiny of the evidence provided by the applicant including submission of affidavits etc. After RA’s approval, previous IEC(s) shall be treated as surrendered.”
The Public Notice can be accessed at: https://content.dgft.gov.in/Website/dgftprod/a50f1e39-e373-40e8-8a27-5bb40a9b1d68/PN%20English.pdf