We are a new IT Services Company and provide development services for our US/UK/Australian clients. We have been getting remittences in our account from last 3 months.
I would like to know what is the LIABILITY as a COMPANY, for FIRC.
1) Do we need to submit the invoices and FIRC certificate to RBI. Are there any forms we need to attache while submitting.
2) FIRC is provided by Our Bank on request. Do they also need to get any bills, details from us
3) Can the Bank submit details to RBI on our behalf ? Or is there thier liability ?
As an organizaton, what we need to prepare for not getting penalized in any form.
Regards
Ritesh
CAclubindia
