In another step towards streamlining Customs procedures and enhancing trade facilitation, the Central Board of Indirect Taxes and Customs (CBIC) introduced system-based auto-approval for IFSC code registration to enhance Ease of Doing Business, the Ministry of Finance announced on Tuesday, October 7. IFSC registration is a process specifically for importers and exporters in India. It involves registering the IFSC code, a unique identifier for the trader's bank branch, with the government's electronic commerce platform for trade (ICEGATE). 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 combina

See Full Page