What is FIRC?
FIRC (Foreign Inward Remittance Certificate) is a document issued by banks in India to confirm that funds have been received from abroad into an Indian bank account. It is regulated by the Reserve Bank of India (RBI) and the Foreign Exchange Dealers Association of India (FEDAI).
What is the use of FIRC?
FIRC is used as a proof of receipt of foreign funds. It is used for regulatory compliance, tax purposes, and to verify the source of incoming funds from abroad.
How do I know if I need the FIRC document?
You will need an FIRC document if your transaction is for trade purposes (B2C/B2B transactions).
Details of FIRC document
A FIRC document usually contains the following information:
- Recipient’s name, bank name and bank account number
- Remitter’s name and address
- Transaction reference number
- Payment date
- Received amount (in INR)
- Payment method
- Transaction purpose
Is there any fee I need to pay for the FIRC document?
If you want to get the FIRC document for your recipient through Topremit, you will be charged IDR 38,000.