(MENAFN- KNN India) New Delhi, Oct 8 (KNN) In a move aimed at enhancing Ease of Doing Business, the Central Board of Indirect Taxes and Customs (CBIC) has launched a system-based auto-approval mechanism for IFSC code registration for exporters.

Under the new framework, requests to register the same incentive-linked bank account and IFSC code for a particular Importer Exporter Code (IEC) across multiple Customs locations will now be automatically approved if the combination has already been approved at any one location.

This eliminates the need for manual intervention by Port officers, speeding up the registration process.

The initiative is expected to enable faster processing of bank account and IFSC approval requests, simplify registration across multiple ports, ensure quicker crediting of export incentives directly into exporters' accounts, and enhance overall trade efficiency.

Previously, registration of incentive-linked bank accounts and IFSC codes required Customs approval at each port, leading to duplication of efforts and delays, particularly when the same account was registered at multiple locations.

Exporters can already register Authorised Dealer (AD) Codes online via ICEGATE, and the new system builds on this digital framework.

CBIC emphasised that this step reflects its ongoing commitment to leveraging technology to streamline procedures, reduce transaction costs, and provide a smoother customs experience for India's trade community.

(KNN Bureau)

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