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Discussion > Custom >

FIRC (Foreign Inward Remittance Certificate)

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[ Scorecard : 13285]
Posted On 25 August 2008 at 12:44 Report Abuse

What is FIRC (Foreign Inward Remittance Certificate)? and what is the procedute to get it?


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Subodh


[ Scorecard : 392]
Posted On 25 August 2008 at 14:02

When any foreign exchange (currency) comes to your bank account Bank wants confirmation from your side as per RBI rule i.e.-what is the purpose of this remittance means how and why got this money? Then You have to submit the purpose/amount/ bank account etc. to the bank.This is the procedure of giving disposal instruciton of remittance after this document you can ask to get FIRC.Hope your query is solved now?





P.N.Srivatsa
Working

[ Scorecard : 29]
Posted On 15 September 2008 at 14:42

When you receive funds  from out of India , these will be credited to your account in Indian currency. Your banker will arrange for a certificate (FIRC) which contains the following details : original currency / equivalent indian currency / transferor bank etc., As a procedure, this Certificate will come to the address of the account holder. In case if you dont receive, you can contact the banker ( concerned executive who looks after RBI ) related works, for this.

In some cases this is required to file with R.B.I and hence it is the duty of the Banker ( Authorised Dealer) to arrange for this Certificate. It comes normally within a perid of 15 days from the date of credit of funds to your accoount.

Best Regards

CA PNS




Member (Account Deleted)

[ Scorecard : 13285]
Posted On 05 October 2008 at 12:29

Originally posted by :P.N.Srivatsa
" When you receive funds  from out of India , these will be credited to your account in Indian currency. Your banker will arrange for a certificate (FIRC) which contains the following details : original currency / equivalent indian currency / transferor bank etc., As a procedure, this Certificate will come to the address of the account holder. In case if you dont receive, you can contact the banker ( concerned executive who looks after RBI ) related works, for this.
In some cases this is required to file with R.B.I and hence it is the duty of the Banker ( Authorised Dealer) to arrange for this Certificate. It comes normally within a perid of 15 days from the date of credit of funds to your accoount.
Best Regards
CA PNS
"


 

Dear Sir,

FIRC is requirementb of bank to certify  realisation against export proceeds. FIRC is required when you need a BRC from a Bank and realisation is wiith other bank.

Through this process of certification both banks have cleared the foreign currency account in their books.




(Guest)
Posted On 26 November 2008 at 22:39

it also solves the problem of money laundering as it citeout the source of the fund and it can be track down easily.




(Guest)
Posted On 12 December 2008 at 09:58

Hi,

We are exporting goods to outside india and our payments terms after 90 days of the invoice and it is pay to directly our bank account  through swift Code and IBAN no from our customers. it is neccassary to used FIRC.

 

Thanks and regards

Manoj Bihani

 




mehul
abc

[ Scorecard : 26]
Posted On 11 April 2009 at 13:04

My sister lives in USA and i need to transfer 50000$ from her as a loan for 5 years to invest in my business.

Is there any way to bring that money in to my account in india?

Will it be consider taxable as a gift or as a loan?

Do i need to Get FIRC from bank and/or Do i need to do some agreement paperwork with my sister?


 




Yuvaraj
Commercial trainee

[ Scorecard : 22]
Posted On 18 August 2009 at 22:07

Hi...

whats the process of FIRC??? why bank need Shipping bill copy & BL for issuing FIRC??

Is there any rule to bank to collect Shipping bill & BL from the supplier? if is it Yes, why?

Is there any time bound to submit Shipping Bill to the bank once the export made??

Awaiting for ur replies!!!




P.N.Srivatsa
Working

[ Scorecard : 29]
Posted On 19 August 2009 at 09:31

Hi Yuvraj

there are various instances on which you can receive funds into your bank account. You need not submit any documents for FIRC. From your message, it seems you have received funds against exports.You can intimate the purpose of receiving funds. They will  mention this in your FIRC . If you arrange the shipping bill and BL, they will mention these details in the FIRC. But still it isnot mandatory.   

you need to submit the copy of FIRC / shipping bill/ BL to the banker addressing to RBI who will submit these details to the regional RBI and will provide you the acknowledgement. I have no idea regarding the time limit. Please check this with your banker. May be it is quarterly once.

best regards

CAPNS




Member (Account Deleted)

[ Scorecard : 13285]
Posted On 19 August 2009 at 09:53

No need to submit Shipping Bill or BL with request of FIRC. you can request to bank for issuance FIRC with reason for receipt of FC. As per RBI Guideline there are a time limit for submit these documents to Bank this is 180 days in case of Ship and 21 days in case of AIR.

Is there any rule to bank to collect Shipping bill & BL from the supplier? if is it Yes, why?

 

There are many other activities to received Foreign Currency. So any receipt of Foreign Currency Bank need to certify the reason of recipt. BL & Shipping Bill is the proof of Export proceeds. By submitting these documents only you can justify the receipt of Foreign Receipt which is againt the export. From this step The RBI can prevent the illeagal FC also. For more details ypu can refer to the site of JDGFT.

>>Rajesh



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