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Bombay Chartered Accountants’ Society written to The Chief General Manager, Foreign Exchange department, Trade division, Mumbai about the feedback on draft regulations and directions on export and import under FEMA with reference to press release dated April 04th 2025.
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The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT.
In a unique case of trade-based money laundering, the Enforcement Directorate (ED) has unearthed an organised syndicate that allegedly managed a one-stop shop for undervalued imports from China for a large number of domestic traders, people familiar with the development said, adding that it has identified illegal remittances of over ₹4,800 crore so far.
DGFT issued Notification no. 17/2024-25 to amend Para 10.06 of Procedure 2023.