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Firc can be issue

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(Querist)
16 March 2014 bank can only issue firc or any ffmc can also issue it. we receives payments in foreign currency cash. is it possible that we can deposit the same in our bank account and bank can issue a firc against it. if bank accepts the currency but the banks buying price to too low compare to ffmc's. then whatvis the other option or which bank is better for price and even firc both.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 March 2014 the FIRC is issued by the bank which has received the money. it is issued when a Bank receives money from outside India in the bank account of the Indian person/entity.

I am not sure if you can receive business receipts from FFMC legally..so kindly check out the same.
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