Ministry of Finance Updates Authorized Banks List for Customs effective from April 01, 2024

Introduction to the Ministry of Finance Update

In the realm of international trade and commerce, the efficient processing of customs procedures is paramount. To facilitate smoother transactions, the Ministry of Finance regularly updates its list of authorized banks for customs purposes. One such recent update comes in the form of Notification No. 25/2024 – Customs, which brings significant amendments to the existing framework.

Details of Notification No. 25/2024 – Customs

Issued on May 06, 2024, Notification No. 25/2024 – Customs serves as a pivotal document outlining the alterations made to Notification No. 50/2017-Customs, originally dated June 30, 2017. These amendments primarily focus on updating Lists 34A and 34B, crucial compilations enumerating banks recognized for customs-related activities.

Changes in Lists 34A and 34B

List 34A, effective from April 01, 2024, encompasses a selection of banks authorized for customs operations. Noteworthy inclusions feature prominent institutions such as Axis Bank Limited, HDFC Bank Limited, and the State Bank of India, among others. Conversely, List 34B, also effective from April 01, 2024, introduces additional entities like Indian Overseas Bank and Punjab National Bank into the fold.

Authorized Banks List for Customs

The comprehensive enumeration within List 34A comprises a diverse array of financial institutions, ranging from private entities like Kotak Mahindra Bank Limited to multinational giants like Industrial and Commercial Bank of China Limited. Similarly, List 34B adds to this spectrum with the incorporation of esteemed names like Union Bank of India and Indian Overseas Bank.

Implications of the Update

These updates bear significant implications for customs proceedings, ensuring that businesses engage exclusively with authorized banking channels. Such adherence not only fosters regulatory compliance but also streamlines financial transactions, fostering efficiency and transparency within the customs domain.

Accessing the Notification

For stakeholders seeking detailed insights into the revised banking landscape, accessing Notification No. 25/2024 – Customs is imperative. The document, available for reference here, provides a comprehensive overview of the regulatory amendments enacted by the Ministry of Finance.