FIRCs are important documents to own if you are a merchant or service exporter receiving international payments. Read on for more information. Know more about international business through import export training in India and start your business with us. Foreign exchange dealers in India (FEDAI) and the Reserve Bank of India (RBI) define FIRCs (Foreign Inward Remittance Certificates) as proof of foreign transfers to India. It is used by many authorities as proof that individuals or businesses have received payments in foreign currency from abroad. After your overseas client has remitted the proceeds of your sale to your account, your bank issues a certificate to that effect indicating the details of this remittance. Various government agencies require this proof of receipt in order to apply for financial assistance and other forms of government support. In India, sellers and service exporters must obtain FIRC certification, which takes over six months. Also, many banks charge excessive fees for processing FIRC applications. You can download your digital FIRC within 7-15 days of receiving a payment if you receive your digital FIRC directly to your Payoneer account. Did you enjoy our article? The information provided above is part of our Online Export Import Training course. To know more you can also join our import export training course.
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