Trade Data for Service Exports - DGFT wants exporters to take IEC
AS of now, the data on services trade is managed by RBI; but the present reporting system is inadequate in many respects. Since there is little voluntary compliance of reporting of trade statistics relating to export/import of services, data reporting system needs a major improvement. The Department of Commerce is undertaking an exercise of collection of data/ statistics relating to import and export of services.
As per the Section 7 of FTDR Act, no person can export/import merchandise without getting an Importer Exporter Code (IEC). But such a requirement is not mandatory for an exporter/importer of services unless an exporter wants to take any benefit under FTP.
All data on import/export of merchandise are IEC based. Similarly, the Department of Commerce would like to capture Services trade data on the same line. In the absence of IEC for most service exporters, the services trade data as of now in not comprehensive. As any policy intervention by the Government of the day requires authentic data and its analysis, it is felt that all services exporters should have IEC at least for the purpose of comprehensive data collection.
DGFT requests:
all those exporters of services who do not possess IEC to voluntarily obtain IEC from Regional Authorities of (RAs) of DGFT.
All trade and industry chambers to impress upon their members (exporters of services) to voluntarily obtain IEC and use it while effecting export /import of services so that trade statistics relating to export/import of services can be captured effectively.
DGFT Trade Notice No.13/2015-20., Dated January 15, 2015