Procedure to get FIRC

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This query is : Resolved

shilpa naik (Querist)

13 November 2009 My company has recevied a remittance. I need to know which documents i have to submit to bank for geting this FIRC?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)

13 November 2009 So far I know the purpose of remittance is important for getting the FIRC and we used to receive Fund through HSBC in India and for FIRC no documents to be given to HSBC. If the purpose code is not given by the remitter then the purpose to be informed.

Although ICICI bank has an application format for FIRC which can be checked below.

https://www.icicibank.com/pfsuser/temp/A400010.pdf

Sunil

Sunil (Expert)

13 November 2009 If you have raised a bill to your party, Bank would want a copy. If your billing is pursuant to an agreement, also give them a copy of the same. They will enter in the FIRC Format "Purpose as declared by beneficiary" and whatever you mention. Although Invoice is not necessary it is better to give. At least it will then be mentioned on the certificate if your payer does not mention this detail and it helps in connecting the invoice to the certificate any time in future for Service Tax or any Department. If your bank has a format, then use it otherwise a simple request letter will do. Please do remember some banks charge for the certificate whether you apply for it or not. May as well take it if they have charged for it separately in their debit note while crediting your foreign exchange proceeds.

If you are a proprietor / huf, it is better to have purpose properly mentioned to correlate it as adequate consideration for business.

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