The Central Board of Indirect Taxes and Customs (CBIC) has introduced a system-based auto-approval mechanism for IFSC code registration, marking another step toward simplifying Customs procedures and improving trade facilitation.
Under the new system, requests for registration of the same incentive-linked bank account and IFSC code for a particular Importer Exporter Code (IEC) will now be automatically approved at multiple Customs locations — provided the combination has already been approved at one port. This eliminates manual intervention by Customs officers, ensuring faster and more efficient processing.
The initiative aims to:
Enable swift processing of bank account and IFSC code approvals,
Simplify registration across multiple ports,
Facilitate quicker credit of export incentives to exporters’ bank accounts, and
Enhance overall trade efficiency.
Previously, exporters were required to obtain approval from Customs officers at each port for registering the same bank account and IFSC combination, often leading to duplication and delays.
With this automation, CBIC continues its commitment to leveraging technology to streamline procedures, reduce transaction costs, and provide a seamless Customs experience — further strengthening India’s Ease of Doing Business framework.