In New Delhi, CBIC released a new rule to speed up Customs paperwork for exporters. The Central Board of Indirect Taxes and Customs will now give automatic approvals for IFSC code registrations.
When an importer‑exporter (IEC) applies for the same bank account and IFSC code at several ports, the system will approve it automatically if the combination has already been accepted at one location. This cuts out the need for a port officer to approve each request, making the process faster and easier.
The change helps exporters receive incentive money faster. Credit from export incentives will go straight into the bank account the exporter names in the Customs electronic system. India already lets exporters register their Authorised Dealer (AD) Code online through ICEGATE, so this new step further simplifies the paperwork.
Before, each Customs office had to review and approve each set of bank account and IFSC details, leading to duplicate work and delays, especially when the same bank details were submitted at multiple Customs stations.
CBIC says the new system is part of a wider push to use technology to lower costs and improve the ease of doing business for India’s trade community.
Finance Minister Nirmala Sitharaman added that tax officials should always serve taxpayers with transparency and integrity. She stressed that the Board and field teams must remain sensitive and responsive to trader needs.
Source: ianslive
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