India's Central Excise Simplifies Refund Process: Direct Bank Transfers for Assessees and Exporters from February 10, 2016.

The Government of India's Central Excise department introduces a new procedure for paying rebate or refund claims directly into the bank accounts of assessees and exporters. Effective from February 10, 2016, this initiative aims to reduce paperwork and delays associated with cheque issuance. Claimants must provide a one-time bank-certified authorization and a cancelled cheque for fresh claims or pending claims before the specified date. Refunds will be processed electronically via RTGS/NEFT through designated banks, with claimants bearing any applicable bank charges. The notice instructs stakeholders to inform relevant parties about this change.