Hi ,
I have recently setup an STPI unit. I have recieved foreign exchange against software export. I went to the bank to get FIRC, and they handed me a format for BRC. I have few questions now:
What is the exact difference between BRC and FIRC?
Do I need to get a BRC? If yes, what shall I do with it? Do I keep it for my records or submit it to DGFT?
Also do I need to file any periodic returns to DGFT for my IEC?
Eagerly awaiting an early response.
Thanks & Regards
Arpan
Dear Arpan Jain,
FIRC (Foreign Inward Remittance Certificate)
BRC (Banker's Realisation Certificate)
FIRC would be provided by a Banker to its customer, when the customer receives payments from foreign countries.
BRC - This is a prescribed certificate need to be submitted with DGFT, BRC can be taken from Banker after getting the FIRC. When you apply for A BRC with a banker you need to produce the FIRC Certificate, which would enable them provide BRC.
Thanks Ramesh.
I got the format for BRC from the bank. But it mentions Customs and GR/PP form etc.
As I need to get BRC against SOFTEX (software export) which is authenticated by STPI as the export was done electonically, I have addeed words STPI in addition to CUSTOMS, and SOFTEX with GR/PP. Please let me know if it is All right to modify the format of BRC. I plan to get it signed by the bank.
Thanks & Regards
Arpan Jain
| Subject : BRC - STPI Units |
| Message : MR. ARPAN, ACTUALLY OVERSEAS BUSINESS DEPANDS ON MAINLY PAYMENT(AS PER EXPORT SALES CONTRACT) YOUR PAYMENT EITHER RELEASED ADVANCE (TT/DD/FIRC) AND WITHIN 180 DAYS PERIOD DEFINED BY UCPD(APPROVED BY INTERNATIONAL CHAMBER OF COMMERCE) IN LETTER OF CREDIT. <br><br> IN VIEW OF ABOVE, CONSIGNEE IF PAID THE AMOUNT OF GOODS EXPORTED THROUGH ADVANCE PAYMENT , THE BANK ISSUE EXPORTER(US) FOREIGN INWARD REMITTANCE CERTIFICATE . <br> AND IF AS PER EXPORT SALES CONTRACT SHIPPER PAID US AMOUNT WITHIN 180 OR AS PER CONDITION APPLIED AS PER ESC THE SHIPPER PAID THE AMOUNT THROGH LETTER OF CREDIT. |
| Sent to : Arpan Jain on 27 September 2010 |
PLEASE CHECK YOUR PM I SEND YOU INFORMATION IN YOUR PM DESIRED BY YOU.
Respected Sir,
Please send descripttion of BRC and FIRC . when BRC and FIRC certificate release by the bank.
please send us on Mail Id akhileshpal62 @ gmail.com
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