Foreign Inward

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2011 one of my customer wanted some contemporary paintings worth hundred thousand USD and he asked us not to export. He will come as a person and take it. Then is it legal? Is it possible to get foreign remittance through bank.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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24 March 2011 Foreign Inward Remittance Certificate (FIRC) is a document that is a must for all the remittance that comes into a country. This document works as a proof that money has been sent from a foreign country. When someone receives money from a foreign country, it is mandatory for him to have an authorized bank account. This money is then transferred to his account with the help of a dealer, and it is generally authorized by the central bank of the home country.

for more info:-

(1)https://www.caclubindia.com/forum/foreign-inward-remittance-93049.asp

(2)
http://www.rbi.org.in/scripts/BS_FemaNotifications.aspx?Id=164

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