Inward remittance from foreign client
This query is : Resolved
15 December 2011
Hello,
We have a software prop firm which works for foreign client. The client makes payment to a Bank A in india and then Bank A sends it to our current A/c as NEFT. Now my bank is asking to get the remittance directly from client via bank route rather than current way or else FIRC will not be generated. Do we really require FIRC for audit purpose or is there any alternative proof that I can ask Bank for this case.
We have a software prop firm which works for foreign client. The client makes payment to a Bank A in india and then Bank A sends it to our current A/c as NEFT. Now my bank is asking to get the remittance directly from client via bank route rather than current way or else FIRC will not be generated. Do we really require FIRC for audit purpose or is there any alternative proof that I can ask Bank for this case.
15 December 2011
Yes FIRC is must for software exporters.
Anuj
Anuj
15 December 2011
Dear Tajaswini,
As far as the FEMA, for your transaction Foreign Inward Remittance Certificate is required.
As far as the FEMA, for your transaction Foreign Inward Remittance Certificate is required.
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