While transferring funds through online payments support like PayPal, eBay etc., from foreign countries to India you may notice this word FIRC. The Authorized bank which receives the payment in India request for FIRC (Foreign Inward Remittance Certificate).
Contents
FIRC:
It is a security document that functions as an evidence for Inward Remittance funds which penetrate into India. The individual recipient in India who receives funds from foreign through their business or by fund transfer can use this documents as an evidence. So FIRC is the very important certificate to get your fund through wire transfer from other countries.
IS There Any Special Fee For This FIRC Certificate?
Yes, there is some little fee can be taken as a tax. It varies time to time. The vendor have to pay the fee.
How Long It Takes To Credit In Recipient Bank Account?
It varies bank to bank. Approximately it takes 7 to 8 working days.
What are the Details Provided in FIRC Certificate?
- Beneficiary name, Account number.
- Name and Address of Remitter.
- Fund Sender and Receiver Addresses.
- Mode of Payment by the Remitter.
- Remitters Check /DD/ TT number.
- Actual amount of foreign currency.
- Weather the INR have to deposit in account or have to give by cash.
- Purpose of the fund transfer.
- Date of Fund Deposit.
Note: The Purpose of the fund should be given in honest way.
Who issued this certificate?
It is issued by Authorized dealer bank for the exchange of foreign funds.
I hope, now you get an idea about FIRC. If you have any more questions please comment below. Your question will be answered.
Do you want to know about BRC [Bank Realization Certificate]? How it Differ from FIRC?
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