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FIRC NOT TAKEN

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(Querist)
04 February 2009 Suppose
1)FIRC not taken from the bank and bank is also forget to give then what is the liability of assessee ?

2)After receiving again we can send back to the person who has send the foreign currency ?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
04 February 2009 FIRC is the proof given by the Banker and it is called as Foreign Inward Remittance Certificate. It states from whom the money is received and for which purpose. This will help the officials of rbi and other departments to probe the authenticity of inflow of funds.

If you have forgotten now you get it from your bank. They have to get acknowledgement from you for gieven.

This is your certificate you should not send it to the sender of foreign currency.

To control the hawala transaction the government has designed this system.
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