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Firc and brc

Sameer (owner) (38 Points)

01 April 2012

what is FIRC? and BRC? why do we need it? is it mendatory?

also when somone recieved money thru PAYPAL account so do they also need FIRC and BRC from theier bank?

and one more thing if exporter export from IGI new delhi then how can he avail drawback and what is the procedure?

i heard that for availing drawback must have account in PNB at new custom house delhi?

is it true? what is the whole procdure please eloborate?

thank you looking forward for your soonest reply

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6 Replies

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 02 April 2012

FIRC (Foreign Inward Remittance Certificate)

BRC (Banker's Realisation Certificate)

FIRC would be provided by a Banker to its customer, when the customer receives payments from foreign countries.

BRC - This is a prescribed certificate need to be submitted with DGFT, BRC can be taken from Banker after getting the FIRC. When you apply for A BRC with a banker you need to produce the FIRC Certificate, which would enable them provide BRC.

Regards,

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RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 02 April 2012

as per para 2.8(iii) of Hand Book of procedures vol-1(2009-2014) persons are exempt from IEC , if they are importing and exporting for personal USE.

if they are exporting the goods not for personal use can get open the account in PNB custom house so that exporter can get Drawback in their Account.

ashok (Executive F&A) (22 Points)
Replied 10 April 2012

I have a question,

If the name mention on the FIRC and the name of the customer on an invoice are diffrent then how should we get BRC from the bank.

Does there any specific provision mentioned for that???

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 10 April 2012

MR ASHOK,

FIRC MEANS (Foreign Inward Remittance Certificate)

GENERALLY IN FIRC, RECEIVING PARTY NAME AND ADDRESS MENTIONED , IF WRONG RECEIVING ADDRESS AND NAME , HOW CAN GET ARRANGE THE BRC?????????

REGARDS,

ashok (Executive F&A) (22 Points)
Replied 10 April 2012

my question is that the customer has a bank account by a diffrent name and the name mentioned on the invoice is diffrent but the money has been remitted by him by an account having diffrent name.