Most of our foreign clients (we are a software company) pay through Paypal. We transfer the accumulated amount from Paypal to our current account once in a month or so. Now can we get FIRC from our bank stating the amount of Foreign currency transfered from Paypal, will that be sufficient.
24 July 2024
To obtain a Foreign Inward Remittance Certificate (FIRC) for PayPal payments, you need to request a certificate from your bank confirming the receipt of foreign currency. The FIRC will specify the amount received, conversion rate applied, and the equivalent amount in INR credited to your account. Assessing Officers typically require official documentation like FIRC for official purposes like tax filings or foreign exchange regulations compliance.
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