Credit to NRE account through RTGS / NEFT / NECS - Iss of

1041 views 2 replies

RBI/2010-11/315
DPSS (CO) EPPD No. 1309 / 04.03.01 / 2010-11

December 13, 2010

The Chairman and Managing Director / Chief Executive Officer
of member banks participating in  RTGS / NEFT / NECS / ECS

Madam / Dear Sir,

Credit to NRE account through RTGS / NEFT / NECS / ECS - Issuance of Foreign
Inward Remittance Certificate (FIRC)

Please refer to our letter DPSS (CO) EPPD No.327/04.03.01/2009-10 dated August 14, 2009 on the subject. We were receiving references from member banks on issuance of FIRC to the beneficiaries for inward remittance to NRE accounts received through credit push systems like RTGS, NEFT, NECS and ECS. This matter was since examined and the following is clarified :

In terms of para 3.A.6 of Exchange Control Manual read with AD (MA series) circular No. 11 dated May 16, 2000, FIRC should not be issued against remittance for credit to NRE account.

2 Further, if the proceeds of inward remittance received are remitted in foreign currency itself to the beneficiary’s banker, then FIRC is to be issued by the bank which has received the proceeds in foreign exchange, i.e., the bank which converts the foreign currency into rupees is required to issue FIRC.

Yours faithfully

(P. Vasudevan)
Deputy General Manager

Source: https://www.rbi.org.in/scriptts/NotificationUser.aspx?Id=6148&Mode=0

 

Replies (2)

Thanks for sharing...

Thank u so much for sharing.

Rajeev Nayak

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details