Import Export Code (IEC) is required to import in India or export out of India. It is 10 digit number based on PAN of a person or business entity issued by Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
Only one IEC will be available on one PAN.
Yes, IEC is modified by filing suitable form to Regional Authority.
Yes, Regional Authority issues, duplicate IEC on the payment of prescribed fees.
IE Code is valid for a lifetime. No renewal is necessary.
IE Code is not a mandatory registration, only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code; however, import / export will not be possible without an IE Code.