Press Release, Dated 07-10-2025
1. Introduction
The Central Board of Indirect Taxes and Customs (CBIC) has announced the introduction of a system-based auto-approval mechanism for IFSC code registration, marking a major step toward enhancing the Ease of Doing Business and improving trade facilitation. This automation initiative aims to streamline Customs procedures, minimize manual intervention, and ensure faster, more transparent processing for exporters across India.
2. Objective and Key Features of the New System
The new system is designed to simplify the process of registering Incentive Bank Accounts and IFSC codes for exporters. Under the revised framework, if an Importer-Exporter Code (IEC) holder has already registered a particular bank account and IFSC code combination at one Customs location, the same combination will now be automatically approved for registration at all other Customs locations. This eliminates repetitive manual verification by Port officers, thereby reducing processing delays and administrative burdens.
3. Benefits for Exporters and Trade Facilitation
This automation will significantly improve the efficiency of export operations by ensuring faster processing and seamless credit of export incentives. Exporters can now experience a smoother registration process across multiple ports without needing to file separate manual requests for each location. By introducing a uniform system-driven approach, the CBIC aims to enhance operational transparency, consistency in approvals, and overall ease of business for the trading community.
4. Continuation of Existing Processes
While the system-based approval simplifies IFSC registration, exporters must continue using the bank account declared in the Customs Automated System for receiving export-related benefits. Similarly, the registration of Authorised Dealer (AD) Codes will remain available online through the ICEGATE portal, ensuring that exporters can seamlessly manage all financial and incentive-related activities through a unified digital interface.
5. Conclusion
The CBIC’s move to implement auto-approval for IFSC code registration represents another milestone in India’s digital trade reforms. By leveraging automation to reduce human intervention and accelerate processing, the initiative aligns with the Government’s broader objective of promoting efficiency, transparency, and trust in trade governance. This development will not only facilitate quicker access to export incentives but also strengthen India’s position as a modern, technology-driven global trade hub.
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