Customs cautions the EXIM Trade on rejection of IGST scrolls due to invalid entry of IFSC bank code due to merger of several nationalised banks

The Customs Authorities have cautioned the Importers, Exporters, Custom House Brokers and other stakeholders about increased incidence of rejection of IGST scrolls due to invalid entry of IFSC codes in the monetary instruments used by them during the course of the EXIM Trade.

The invalid entry of IFSC codes by the EXIM trade is due to lack of awareness about the recent merger of several natioanlised banks with the anchor banks and the consequent changes in the IFSC code of several banks

The Customs Notification cautioned the trade that due to the ongoing exercise of mergers among the nationalised banks, a higher incidence of rejection of IGST Scrolls due to Invalid IFSC (TPE0014) is being noticed. This trend is expected to increase further in future.

All stakeholders are directed to identify their bank accounts which are under process of merger or already merged and update their new IFSC codes along with account number through online Bank management/AD code registration facility provided on ICEGATE website using the ‘modify option’, as per Public Notice 93/2020 dated 29.07.2020 and 130/2020 dated 07.10.2020.

As of now banks are not accepting payment with old bank details

As of now banks are not accepting payment with old bank details, any delay in updation of bank account will further result in failure of IGST and other incentive payments.

Difficulty, if any, in implementation of these instructions should be brought to the notice of the Joint Commissioner (EDI) or Deputy Commissioner (EDI), JNCH on edi@jawaharcustoms.gov.in or on icegatehelpdesk@icegate.gov.in & contact EDI section, 2nd Floor, B wing, JNCH for any further assistance.

The details of merger of nationalized banks with the anchor banks are as follows.

 Punjab National Bank Oriental Bank of Commerce + United Bank of India

Canara Bank with Syndicate Bank, Indian Bank with Allahabad Bank

Bank Of Baroda with  Dena Bank  and Vijaya Bank

Union Bank of India with Andhra Bank  and Corporation Bank