What is Foreign Inward Remittance Certificate

Foreign Inward Remittance Certificate (FIRC) is a document that acts as evidence of foreign transfers to India. It facilitates an individual or a business to receive a payment in a foreign currency from abroad. In India, it is a must for all the businesses involved in exports operations.

It usually takes six months to obtain the certificate and also the receiver is required to provide a paper application for every transaction to his/her bank.

Contents of the FIRC Document
These are the following details that are mentioned in the certificate:

  • Beneficiary’s name
  • Mode of payment (cash or bank)
  • Name and address of the remitter
  • Name and address of the remitting bank
  • Demand Draft (DD) or Telegraphic Transfer (TT) number or Cheque number
  • The foreign currency-denominated amount and the equivalent amount denominated in rupees
  • Name of the recipient of the funds
  • The exchange rate that was applied
  • The purpose of the remittance

How to get an e-FIRC?

In 2016, the government discontinued the issue of hardcopy (physical) FIRC, instead now remitter banks issue an alternative document called advice, a statement, or a NOC for your home bank to complete the e-FIRC process.

Once your home branch receives advice, a statement, or NOC from the remitter bank, they scrutinize it, and once satisfied, it will issue an inward Remittance (IRM) on the government export portal (EDPMS), and the IRM number is referred to further as an e-FIRC number.

However, the applicant must pay special attention to the “purpose of remittance” as any wrong mention will lead to serious implications.

How can we help you to get e-FIRC?

First, we seamlessly process and verify your data for the collection then prepare it in the proper structure as per the stated requirements, under the guidance of experts to ensure that you comply with RBI policies.

We make sure that you are aware of every step to maintain data transparency as well as security. To save your time as well as efforts, we at Munimbhai accomplish the complete process on your behalf.

Our service structure features end-to-end fulfillment under the guidance of our expert.

 

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