Import license renewal

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binu sukumaran (Querist)
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18 November 2024 Let's me know.
1. My friend taken import license on 2018 for import of goods.Is it need to take renewal every year.
Please advise

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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18 November 2024 The import license is usually tied to specific types of goods that require permission from the Directorate General of Foreign Trade (DGFT) or other regulatory bodies. If you've obtained an Importer Exporter Code (IEC) from the DGFT, there is no annual renewal requirement for the IEC itself—it remains valid as long as your business is active. However, certain goods may require specific licenses (e.g., Restricted or Prohibited goods) or permissions, which may have validity periods or conditions for renewal based on regulatory requirements such as::
Specific License: Valid for a specific period, usually 12-18 months, and for a particular quantity of goods.
Open General License (OGL): Valid for a fiscal year (April to March) and does not require renewal; simply obtain a new license for the next fiscal year.