![\"Inward](\"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/05\/Inward-Remittance.jpg\" "\\"Inward")
<\/a><\/p>\nFIRC is considered a very important document as it serves a lot of purposes. If shares are issued on the name of a person or company which exists outside a country then FIRC acts as the proof of money received in lieu of share application. In those cases where a resident Indian sells or transfers his shares to some nonresident Indian or foreign identity then FIRC testifies that the resident seller has got the share purchase consideration. FIRC is a very crucial document which is submitted to DGFC in case of EPCG and Advance License. <\/p>\n
When services are exported then no service tax is levied according to the rules of export of services. In such cases, FIRC acts as an important proof of export of services and remittances which are received in lieu of them. There are various details which are included in FIRC. FIRC carries the beneficiary\u2019s name, mode of payment i.e. whether the money has been deposited to the account of beneficiary or cash has been given to him, address and name of remitter, Cheque\/DD\/TT no. , exact amount of foreign currency, amount of money when changed in to the currency of the country of beneficiary, name of the person in whose favor the amount has been sent, purpose for the receipt of remittance and rate of exchange which is prevalent. <\/p>\n
After knowing all this, you have got the knowledge that how important is the document of FIRC. The person who is about to receive a remittance from outside India, should mention the purpose of remittance honestly. This is because at the time of receipt of the money, the bank asks for the proof of the purpose mentioned by you for getting remittance from outside India.<\/p>\n","protected":false},"excerpt":{"rendered":"
FIRC (Foreign Inward Remittance Certificate) refers to a document which acts as a testimonial for all the inward remittances entering to India. Most of the statutory authorities use this document as a proof that an individual has received a payment in foreign currency from outside the country. When an individual receives some amount of money […]<\/p>\n","protected":false},"author":1,"featured_media":19799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1280],"tags":[],"class_list":{"0":"post-10730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-what-is","8":"entry"},"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/12\/Inward-Remittance.jpg?fit=475%2C212&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10729,"url":"https:\/\/www.amitbhawani.com\/blog\/what-is-outward-remittance\/","url_meta":{"origin":10730,"position":0},"title":"What is Outward Remittance – Rules & Limits","author":"Amit Bhawani","date":"May 2, 2010","format":false,"excerpt":"Outward Remittance is a process of sending money to a Foreign Account while you are a Resident of India, in short transferring funds from your account to a account which is setup in another country. The Service is approved under the FEMA (Foreign Exchange Management Act), allowing you to transfer\u2026","rel":"","context":"In "What is Guide"","block_context":{"text":"What is Guide","link":"https:\/\/www.amitbhawani.com\/blog\/category\/what-is\/"},"img":{"alt_text":"Outward Remittance Funds","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/05\/Outward-Remittance-Funds-150x150.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10743,"url":"https:\/\/www.amitbhawani.com\/blog\/how-to-transfer-money-from-india-to-us-or-abroad-wire-transfer\/","url_meta":{"origin":10730,"position":1},"title":"How to Transfer Money India to US or Abroad – Wire Transfer","author":"Amit Bhawani","date":"May 2, 2010","format":false,"excerpt":"I have purchased a few gadgets through a friend who is a student in the United States and the total cost of this is at around 600$. Now since he has already shipped me the purchase through USPS, i need to send him the payment but it seems like he\u2026","rel":"","context":"In "How to Guide"","block_context":{"text":"How to Guide","link":"https:\/\/www.amitbhawani.com\/blog\/category\/how-to\/"},"img":{"alt_text":"Transfer Money US","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/05\/Transfer-Money-US-150x150.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":16461,"url":"https:\/\/www.amitbhawani.com\/blog\/fix-paisapay-account-suspended-kyc-verification-documents\/","url_meta":{"origin":10730,"position":2},"title":"Fix Paisapay Account Suspended – KYC Verification & Documents","author":"Amit Bhawani","date":"November 15, 2010","format":false,"excerpt":"eBay.com accepts payments through Paypal.com service while the eBay.in service accepts only PaisaPay which is the Indian version of the same service. Here in Paisapay would accept payments through Credit Cards, Banks Transfer, Mobile Payments etc along with EMI option. [How to Sell Products on Ebay] Sellers would get the\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/www.amitbhawani.com\/blog\/category\/business\/"},"img":{"alt_text":"eBay Logo","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/11\/eBay-Logo-300x144.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3841,"url":"https:\/\/www.amitbhawani.com\/blog\/convert-paypal-usd-to-inr-withdraw\/","url_meta":{"origin":10730,"position":3},"title":"Convert Paypal USD to INR & Withdraw Money","author":"Amit Bhawani","date":"April 25, 2009","format":false,"excerpt":"Hi Amit , i have money in Paypal inform of $(dollar), and i want to transfer that money in my bank account so what i have to do? How can i convert USD$ into Indian Rs? - Mohan In order to answer this question first of all you need to\u2026","rel":"","context":"In "Tips & Tweaks"","block_context":{"text":"Tips & Tweaks","link":"https:\/\/www.amitbhawani.com\/blog\/category\/tips-tweaks\/"},"img":{"alt_text":"Paypal Currency Conversion","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/Images\/P\/Paypal-Currency-Conversion.PNG?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1614,"url":"https:\/\/www.amitbhawani.com\/blog\/paypal-fees-calculator\/","url_meta":{"origin":10730,"position":4},"title":"Paypal Fees Info Personal Account & Premier\/Business Account","author":"Amit Bhawani","date":"October 6, 2008","format":false,"excerpt":"Paypal charges different fees if you hold a personal account and different fees when you hold a Premier\/Business account and this is not only on the transactions of recieving money but on multiple different kind of transactions ranging from withdrawing money to transferring funds. Check out this table for getting\u2026","rel":"","context":"In "Tips & Tweaks"","block_context":{"text":"Tips & Tweaks","link":"https:\/\/www.amitbhawani.com\/blog\/category\/tips-tweaks\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10292,"url":"https:\/\/www.amitbhawani.com\/blog\/what-is-an-offshore-bank\/","url_meta":{"origin":10730,"position":5},"title":"What is an Offshore Bank?","author":"Jyoti Bhawani","date":"April 21, 2010","format":false,"excerpt":"If you wish to know the meaning and different things related with an offshore bank then you should read on. An offshore bank refers to such a bank which is not in the country where the depositor resides but in some foreign country. Most of the offshore banks are chosen\u2026","rel":"","context":"In "What is Guide"","block_context":{"text":"What is Guide","link":"https:\/\/www.amitbhawani.com\/blog\/category\/what-is\/"},"img":{"alt_text":"Offshore Bank","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/04\/Offshore-Bank.jpg?fit=600%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/04\/Offshore-Bank.jpg?fit=600%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/04\/Offshore-Bank.jpg?fit=600%2C800&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/posts\/10730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/comments?post=10730"}],"version-history":[{"count":0,"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/posts\/10730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/media\/19799"}],"wp:attachment":[{"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/media?parent=10730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/categories?post=10730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amitbhawani.com\/blog\/wp-json\/wp\/v2\/tags?post=10730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}