On 7-10-2025, the Central Board of Indirect Taxes and Customs (‘CBIC’) announced the launch of a system-based auto-approval mechanism for Indian Financial System Code (‘IFSC’) code registration. This initiative marks a significant step toward streamlining customs procedures and enhancing trade facilitation across India’s ports. Once an exporter’s bank details are approved at one port, they will now be automatically accepted at other ports as well, eliminating the need to repeat the registration process.
Key Takeaways:
Under the new system, once a bank account and IFSC code combination linked to an Importer Exporter Code (‘IEC’) is approved at any one customs location, the same combination will be automatically approved at all other customs stations.
This eliminates the need for manual intervention by port officers and removes the redundancy of repeated approvals.
The initiative is designed to:
Accelerate processing of bank account and IFSC code registration requests
Simplify multi-port registration for exporters
Ensure faster credit of export incentives like IGST refunds and duty drawbacks
Enhance overall trade efficiency through automation
This initiative builds on the existing digital infrastructure provided by ICEGATE, the Indian Customs Electronic Gateway. Exporters already have access to online registration of Authorised Dealer (‘AD’) codes via ICEGATE.
The new auto-approval feature complements this by extending automation to incentive-linked bank account registrations.
CBIC’s latest move reflects its ongoing efforts to modernize customs operations through digital transformation.
By reducing procedural redundancies and enhancing system efficiency, the board aims to create a more transparent, responsive, and trader-friendly environment.
This reform is expected to benefit thousands of exporters across India, especially those operating through multiple ports, and reinforces the government’s broader agenda of making India a global hub for trade and investment.
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