Does a company that is getting payments in foreign exchange for services rendered to foreign clients (upto an amount of USD 2500 per month) need to take FIRC? If so, is there also any requirement to submit the FIRC with the RBI? If so, what is the procedure to be followed? Consequences of delay etc?
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Info required: FIRC (Foreign Inward Remittance Certificate)
Replies (5)
Yes the certificate has to be taken. The submission should be within reasonable period.
When any foreign exchange (currency) comes to your bank account Bank wants confirmation from your side as per RBI rule i.e.-what is the purpose of this remittance means how and why got this money? Then You have to submit the purpose/amount/ bank account etc. to the bank.This is the procedure of giving disposal instruciton of remittance after this document you can ask to get FIRC.
In some cases this is required to file with R.B.I and hence it is the duty of the Banker ( Authorised Dealer) to arrange for this Certificate. It comes normally within a perid of 15 days from the date of credit of funds to your accoount.
| Originally posted by :Dashrath_Maheshwari | ||
| " | In some cases this is required to file with R.B.I and hence it is the duty of the Banker ( Authorised Dealer) to arrange for this Certificate. It comes normally within a perid of 15 days from the date of credit of funds to your accoount. | " |
Yes, but I need to know in this case whether the company needs to submit the FIRC to RBI. Where do I get the guidelines as to who needs to submit the FIRC to RBI and who need not
| In some cases this is required to file with R.B.I and hence it is the duty of the Banker ( Authorised Dealer) to arrange for this Certificate. It comes normally within a perid of 15 days from the date of credit of funds to your accoount. | " |
Yes, but I need to know in this case whether the company needs to submit the FIRC to RBI. Where do I get the guidelines as to who needs to submit the FIRC to RBI and who need not
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