To further facilitate trade and streamline customs procedures, the Central Board of Indirect Taxes and Customs as implemented system-based auto-approval for IFSC code registration to improve Ease of Doing Business.
According to the new initiative, if the same incentive bank account and IFSC code for a specific Importer Exporter Code have already been approved at one Customs location, the system will automatically approve requests to register the same combination at multiple Customs locations. As a result, requests will be approved by the system without the port officer having to manually intervene.
The goal of this initiative is:-
i) quick handling of requests for IFSC code approval and bank account processing;
ii) streamlining the registration procedure at several ports;
iii) ensuring that export incentives are credited to exporters bank accounts more quickly and easily; and
iv) improving the efficiency of overall trade.
Benefits related to exporting are paid to the exporters’ bank account as reported in the Customs Automated System. An online Authorized Dealer Code registration feature is already available on ICEGATE for exporters. Customs officers at each port location had to approve requests to register incentive-linked bank accounts and IFSC codes under an Importer Exporter Code. This frequently led to redundant work and pending requests especially when the same bank account and IFSC combination were registered at several other customs stations.
CBIC is dedicated to using technology to streamline processes, lower transaction costs and improve the customs experience for India’s trade community. (Source: PIB)