Export Import News

IEC formality not required for Sikkim traders at Nathu la

The Directorate General of Foreign Trade (DGFT) has exempted traders in Sikim from the formality of producing the mandatory Import Export Code (IEC) number while trading with China through Nathula.

A notification granting exemption to Sikkimese traders from this formality was issued by the DGFT on July 21' 2006, Sikkim Chamber of Commerce President S K Sarda said quoting Additional Secretary, Union Ministry of Commerce, Christy Fernandez here today. The exemption would remain effective till further orders, Sarda said.

"Traders of the state are obviously relieved as removal of this bottleneck means that actual border trade between the two Asian giants can begin without a hitch now," he said.

Though reopened after over four decades of closure on July six, no trading took place through Nathula since traders in Sikkim did not possess the IEC.

As per the notification, each trader is allowed to trade consignment worth Rs 25,000 across the border every day, Sarda said.

This limit may also be removed when the volume of trade through the route increases, he said quoting Fernandez, who handles matters related to trading through the route

July 21' 2006