India, Oct. 7 -- 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 registrati...