FIRC (Foreign Inward Remittance Certificate)

Hi...

Whether BRC and FIRC are one and same?

DEAR ALL,

FIRC REFERS TO WHEN YOU DO EXPORT THE CONSIGNEE PROVIDE YOU THE AMOUNT IN ADVANCE i.e called FIRC.

ALTHOUGH VARIOUS CONSIGNEE SUBMIT THE FOREIGN CURRENCY IN THE ACCOUNT OF CONSIGNER FROM THEIR EEFC ACCOUNT .

WHEN  CONSIGNEE SUBMIT THE FOREIGN CURRENCY IN VARIOUS INVOICES , THEN THE BANKER SEARCH THE CONSOLIDATED CURRENCY AND THEN ISSUE A SEPRATE F.I.R.C.

IT ALSO SUBMIT IN DGFT AND CUSTOM FOR INCENTIVE PURPOSE.

BANK CERTIFICATE OF EXPORT AND REALISATION (APPENDIX-22A) ISSUED BY BANK, AFTER SUBMIT THE EXCHANGE CONTROL COPY WITH INVOICE, BILL OF LADING AND CERTIFICATE OF INSURANCE AND  WHEN THE PAYMENT RELEASE WITHIN SPECEFIED TIME LIMIT AS PER EXPORT SALES CONTRACT, THE EXPORTER SUBMIT THIS BRC IN DGFT OR CUSTOM FOR INCENTIVE  PURPOSE.

REGARDS,

RAMESH VERMA

Dear Friends,

One of my NRI client transfer the money by way of Wire Transfer to Indian for the purpose of share transfer to such NRI . Now the A/c of Indian Transferor shown the amount credited by way of RTGS and banks say it is transfer through Inland A/c of HSBC and we get the money in Indian Currency and we cannot issue FIRC for the purpose of share transfer to NRI . We have to submit such FIRC along with FC-TRS to make effective such transaction.

Please suggest how can I get the FIRC and from Which Bank etiher HDFC in which the remittance come in the A/c of Transferor or HSBC which in original gets the Foreign remittanc and transfer the money in indian currency to HDFC . Though the Transferor has only A/c in HDFC. Then How can HSBC issue FIRC for the non-customer and what is the procedure to get the FIRC 

I have send some exports and received money in my account since 2 years, i have never submitted any bill or shipping bill to the bank, and have not received any FIRC certificate from bank also

I was not aware of this procedure.

Would there be any problem if i dont submit it

Please Help!!!

DEAR ALI,

YOU HAVE NOT RECEIVED ANY BILL OF SHIPPING BILL (EXCHANGE CONTROL COPY) IN BANK , IN LIEU OF EXPORT BUSINESS FOR TAKING THE INCENTIVE YOU MUST SUBMIT IN YOUR BANKER THE GOVERNMENT AGENCY LIKE CUSTOM, RBI , DGFT, AND YOUR BANK ALSO WILL TAKE LEGALLY ACTION AGAINST YOUR COMPANY.

REGARDS

What is the impact on business if we did't received FIRC for a particular month?

in one case while verifying FIRC for Jull, Aug, Sep for Aug & Sep co have not received FIRC from bank se i could not check it with record what is impact of it? should this point is reportable?what steps managment should take on it?

Originally posted by : Mithun Dhananjay Bhoite
	What is the impact on business if we did't received FIRC for a particular month? in one case while verifying FIRC for Jull, Aug, Sep for Aug & Sep co have not received FIRC from bank se i could not check it with record what is impact of it? should this point is reportable?what steps managment should take on it?

ALTHOUGH EXPORT IMPORT BUSINESS DEPANDS ON EXPORT IMPORT SALES  CONTRACT , IF YOUR YOU ALREADY RECEIVED THE ADVANCE PAYMENT GO TO YOUR  BANK AND REQUEST THEM FOR ISSUE THE FIRC AGAINST THE MENTIONED INVOICE.

ALSO REPORT THE YOUR SENIOR  / PARTNER / DIRECTOR / MD /PROPRIETOR(WHICHEVER THE CASE APPLY)

YOUR OWNER CAN PUT UP QUESTION THAT WHAT IS YOUR DUTY AND LIABILITY TO SOLVED THE "FIRC" .

HENCE ASK YOUR BANKER TO PROVIDE THE FIRC AGAINST THE SAID INVOICE OTHERWISE MAKE THE BRC IF YOU ARE AVAILING THE INCENTIVE OR NOT.

REGARDS,

Dear sir,

we are planning to get BRC from bank to apply for product scheme. we require the necessary format of BRC under product scheme

PLEASE GO TO YOUR BANKER  AS WELL AS SELF ATTESTED INVOICE, BILL OF LADING,COPY OF FIRC, PHOTO COPY OF L/C, WITH REQUEST LETTER,

REGARDS,

WE HAVE RECD firc FROM ONE BANK BUT WHILE DEPOSITING THE EXPORT DOCUMENTS AND SHIPMENT WE HAVE USED ANOTHER BANK. WE HAVE CLEAR THE DOCUMENTS FROM THAT BANK WITH THE FIRC. NOW ISSUING BANK IS ASKING FOR THE DETAILS OF INVOIVE VALUE AND OTHER THINGS. WHAT IS THE CORRECT WAY TO THIS MATTER.

Originally posted by : Shilpa Bhatia
	WE HAVE RECD firc FROM ONE BANK BUT WHILE DEPOSITING THE EXPORT DOCUMENTS AND SHIPMENT WE HAVE USED ANOTHER BANK. WE HAVE CLEAR THE DOCUMENTS FROM THAT BANK WITH THE FIRC. NOW ISSUING BANK IS ASKING FOR THE DETAILS OF INVOIVE VALUE AND OTHER THINGS. WHAT IS THE CORRECT WAY TO THIS MATTER.

Apply for BRC from the bank issued FIRC and submit one copy to another bank for clearance of export transaction.

One of the foreign tourist has bought some goods from us and we will receive the payment from outside india through bank. We will issue him a local sales Invoice.

Please tell me can we get an FIRC from the Bank for such receipt. If not than what procedure we should follow so that this receipt should not be considered as illegal.

Regards,

Hemant

WHAT IS BRC ???????

what is the usefulness of getting the FIRC from the bank instead of using as a proof of the receipt