Daijiworld Media Network - New Delhi
New Delhi, Oct 7: In a move aimed at simplifying customs procedures and enhancing ease of doing business, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a system-based auto-approval process for IFSC code registration, according to an official statement released Tuesday.
The new system will automatically approve the registration of the same bank account and IFSC code combination for a particular Importer Exporter Code (IEC) at multiple customs locations, provided it has already been approved at one location. This eliminates the need for manual verification by customs officers at each port, streamlining the process and reducing duplication.
According to CBIC, the initiative is expected to expedite the processing of export-related bank registrations, ensuring faster credit of export incentives directly into exporters’ bank accounts. It also reduces administrative overhead and delays that often arise when exporters register the same details across different customs stations.
Previously, exporters were required to seek manual approvals from customs officers at every port where they operated, even if the same bank details had been registered elsewhere. This often led to redundant processing and pending requests, especially for large exporters operating through multiple ports.
Export benefits will continue to be credited to the bank account declared in the customs automated system. Exporters already have access to online registration of Authorised Dealer (AD) Codes through the ICEGATE platform, and this new update builds upon those digital reforms.
The CBIC described the change as part of its broader push to leverage technology to reduce transaction costs, minimize procedural burdens, and enhance trade facilitation for India’s exporters.
The initiative aligns with recent remarks by Finance Minister Nirmala Sitharaman, who underscored the responsibility of tax officials to serve taxpayers with transparency and integrity.
“To provide service to the taxpayer is our duty. While doing so, transparency and integrity are crucial in earning their trust and confidence,” she said. “I am confident that the Board and field formations will remain sensitive and responsive.”
The move is expected to improve operational efficiency, cut down on delays, and make India’s export ecosystem more agile and business-friendly — a step forward in the government’s ongoing efforts to enhance global trade competitiveness.