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.

Ministry of Finance, in a statement, said that this initiative is aimed at the swift processing of bank account and IFSC code approval requests and simplifying the registration process at multiple ports. It will also ensure faster and seamless credit of export incentives into exporters’ bank accounts and enhance overall trade efficiency.

The Ministry added that CBIC remains committed to leveraging technology to simplify procedures, reduce transaction costs, and enhance the ease of doing business for India’s trade community with a better Customs experience.