Karnataka Bank Has Been Authorized by RBI For Online Customs Duty Payment Facility

Karnataka Bank Has Been Authorized by RBI For Online Customs Duty Payment Facility

Karnataka Bank has been authorized by Reserve Bank of India, for collection of Direct and Indirect Taxes, on behalf of CBDT and CBIC, on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance, Govt. of India.

The Indian Customs Electronic Gateway (ICEGATE) portal of Central Board for Indirect Taxes and Customs (CBIC), provides e-filing services to the Trade, Cargo Carriers and other Trading Partners electronically. Now CBIC has implemented new integration for Electronic Cash Ledger (ECL) with the functionality of collection of both tax and non-tax receipts for CBIC on behalf of third-party applications through multiple modes of collections and Karnataka Bank is on-boarded for the same.

Speaking on the occasion Shri Mahabaleshwara M S, Managing Director & CEO, said, “Bank has gone live from 22-12-2022 for collection of Customs Duty Payments. Now CBIC has implemented Electronic Cash Ledger (ECL) for Customs collection with effect from 01-04-2023 and Karnataka Bank is one among the few Banks in the country to get final approval from Principal Chief Controller of Accounts (Pr. CCA), CBIC, New Delhi for collection of Customs Duty Payment under new regime.  All our customers can pay customs duty at their convenience through Internet Banking Facility.  This will have more positive impact on the forex business of the Bank and also help in augmenting CASA Deposits.  This is yet another digital initiative being dedicated to our customers under KBL Nxt Digital transformation project of the Bank”.