The Central Board of Indirect Taxes and Customs (CBIC) has rolled out a system-based automated approval process for registration of Indian Financial System Code (IFSC) details, aimed at simplifying Customs operations and enhancing trade facilitation.
The IFSC, an 11-character alphanumeric code, identifies individual bank branches across India for electronic transactions such as NEFT, RTGS, and IMPS.
Under the new mechanism, once a particular Importer Exporter Code (IEC) and bank account–IFSC combination has been approved at one Customs location, the system will automatically approve the same details at other ports without requiring manual intervention by Customs officers.
“This eliminates the need for port-level verification and enables instant approval through the system,” CBIC said in an official statement.
The initiative, implemented through the ICEGATE platform, is expected to significantly reduce processing time for exporters and ensure faster credit of export-related benefits, including duty drawback and rebate claims.
Previously, exporters were required to obtain separate approvals for the same bank account details at each Customs location—a time-consuming process that often caused delays in receiving incentive payments.
CBIC said the automated approval framework marks another step toward digital transformation in Customs administration, ensuring greater efficiency, transparency, and ease of doing business for the trade community.
