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).
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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.
Yes, there is some little fee can be taken as a tax. It varies time to time. The vendor have to pay the fee.
It varies bank to bank. Approximately it takes 7 to 8 working days.
Note: The Purpose of the fund should be given in honest way.
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.
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