CBIC introduces system-based auto-approval for IFSC code registration to enhance Ease of Doing Business



Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has launched a new system for automatic approval of IFSC code registrations. This initiative aims to simplify the process for businesses registering the same incentive bank account and IFSC code across multiple customs locations. By eliminating manual intervention, the system will expedite approvals, ensuring faster credit of export incentives and enhancing overall trade efficiency.

In another step towards streamlining Customs procedures and enhancing trade facilitation, the Central Board of Indirect Taxes and Customs (CBIC) has introduced system-based auto-approval for IFSC code registration to enhance Ease of Doing Business.

As per the new initiative, the system will automatically approve requests for registration of the same incentive bank account and IFSC code for a particular Importer Exporter Code (IEC) at multiple Customs locations, provided the same combination has already been approved at any one location. Thus, manual intervention by the Port officer will be eliminated, and the system will directly approve such requests.

CBIC Auto-Approves IFSC Code Registration for Easier Trade

This initiative is aimed at:

  1. swift processing of bank account and IFSC code approval requests,
  2. simplifying the registration process at multiple ports,
  3. ensuring faster and seamless credit of export incentives into exporters’ bank accounts.
  4. enhancing overall trade efficiency.

Exporter get export-related benefits in bank account declared by the exporter in Customs Automated System. There is already a facility for online registration of Authorised Dealer (AD) Code by the exporter on ICEGATE. Requests for registration of incentive-linked bank accounts and IFSC codes under an Importer Exporter Code (IEC) required approval by Customs officers at each port location. This often resulted in duplication of efforts and pendency of requests, particularly when the same bank account and IFSC combination is being registered across multiple customs stations.

CBIC remains committed to leveraging technology to simplify procedures, reduce transaction costs, and enhance the ease of doing business for India's trade community with better Customs experience.

FAQ :

The CBIC has introduced a system-based auto-approval for IFSC code registration. This means the system automatically approves requests for registering the same incentive bank account and IFSC code for a particular Importer Exporter Code (IEC) at multiple Customs locations, provided it has already been approved at one location.

The main goal is to enhance the Ease of Doing Business by streamlining Customs procedures, simplifying the registration process at multiple ports, and ensuring faster and seamless credit of export incentives.

The system eliminates the need for manual intervention by Port officers. Once a bank account and IFSC combination is approved at one location, the system will automatically approve subsequent registrations for the same combination at other Customs locations.

Exporters will benefit from swift processing of their bank account and IFSC code approval requests, leading to faster and seamless credit of export incentives directly into their declared bank accounts.

Previously, requests for registering incentive-linked bank accounts and IFSC codes under an IEC required manual approval by Customs officers at each individual port location, which often led to duplicated efforts and delays.




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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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