CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS (CBIC)

Current Context: The CBIC has introduced system-based auto-approval for Indian Financial System Code (IFSC) registration to enhance ease of doing business.

ABOUT IFSC & CBIC

• IFSC (Indian Financial System Code):
  • 11-digit alphanumeric code identifying every bank branch in India.
  • Ensures accurate and secure online fund transfers (NEFT, RTGS).
  • Used for domestic transactions; SWIFT code is used for international ones.
• CBIC:
  • Part of Department of Revenue, Ministry of Finance.
  • Established in 1964 as Central Board of Excise & Customs, renamed CBIC in 2018.
  • Responsible for policies on Customs, GST, Excise, and anti-smuggling measures.