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Firc

Pushpak Lal (Student CA Final ) (286 Points)

17 March 2016

Can someone please explain me what is FIRC and how it works ?

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Ajit Hegde (CA - Final) (1367 Points)
Replied 18 March 2016

It is an abbrevation for foreign inward remittence certificate. Firc needs to be issued by the bank with reference of invoice whenever there is an inward remittence in foreign currency. It is a basic document or proof of foreign currency realisation which has to be maintained to prove the export of goods or services are realised within the stipulated time period as per FEMA regulations.

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