Customs Duty Payment through Karnataka Bank

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.

Bank customers are already enjoying seamless payments for Custom Duty Payments online, by selecting 'Karnataka Bank' in the Indian Customs Electronic Gateway 'ICEGATE' portal of CBIC. The (ICEGA TE) 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 nontax 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 MS, 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 01-0-1-2023 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".

Shares of The Karnataka Bank Limited was last trading in BSE at Rs. 129.25 as compared to the previous close of Rs. 129.85. The total number of shares traded during the day was 77951 in over 1506 trades.

The stock hit an intraday high of Rs. 130.95 and intraday low of 129.00. The net turnover during the day was Rs. 10137195.00.

Source : Equity Bulls

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TheKarnatakaBank INE614B01018 RBI CustomsDutyPayment