Get export-related benefits in bank account declared
CBIC approve auto-approval for IFSC code registration system In another step towards streamlining Customs procedures and enhancing trade facilitation, the Central Board of Indirect Taxes and Customs (CBIC) has introduced system-based auto-approval for IFSC code registration to enhance Ease of Doing Business. As per the new initiative, the system will automatically approve requests for registration of the same incentive bank account and IFSC code for a particular Importer Exporter Code (IEC) at multiple Customs locations, provided the same combination has already been approved at any one location. Thus, manual intervention by the Port officer will be eliminated, and the system will directly approve such requests. This initiative is aimed at, 1: swift processing of bank account and IFSC code approval requests, 2: simplifying the registration process at multiple ports, 3: ensuring faster and seamless credit of export incentives into expo...