duplicate copy of FIRC from the bank

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if your original FIRC had lost then approach to bank alongwith a request letter. bank will realised some charges from you .

Regards,

Kindly give me sample letter for issuance of duplicate FIRC.we dont even have xerox copy of the same for record.

Bank is asking so much of questions.

Can A Bank isuee FIRC in Indian rupees instead of Foreign currency as the deemed export to a SEZ unit in USD as per shipping bill but at the time of remittance of payment will be in indian rupees from SEZ Unit /Developer then the bank issue a FIRC containing INR instead of Foreign Currency, if the part payment of invoice is two other bank then a bank can issue FIRC to other bank to release GR.

We have a  Technical consulatation project abroad for which we recive consulatation charges in USD in our account what is the procedure Thae bank has not given a FIRC. For exports of goods we apply for BRC for services/ Consultancy what do we do as no airway bill or bill of lading  would be available.

we are exporting plastic products to EU and US via air. We receive remittance through our bank without any LC. 

1) TO 3)

AFTER SHIPMENT EXPORTER MUST PRODUCE THE DOCUMENTS FOR ISSUANCE THE eBRC in bank alongwith COPY OF L/C, INVOICE, B/L, FIRC, CERTIFICATE OF ORIGIN, WITHIN 12 MONTH .

4) compliance of custom, excise, rbi law ans act is mandaotry

Hi,

Incase if the issuing bank do not mention PURPOSE on the FIRC or mentions inaapropriate PURPOSE on the FIRC then,

1) Whether this is a Non-compliance with any of the FEMA guidelines or RBI guidelines??

2) what is the recourse the bank should undertake to rectify the same??

After getting FIRC from bank, in how many days it will submitted to bank?

Please reply asap.

Regards,

Mithun

Originally posted by : r sridhar
	whether it is mandatory for the exporter to apply and get BRCs?

BRC is a certificate issued by Bank for completion an export transaction. The BRC containing all export related information as well as the realisation of realisation of foreign currency.

Generally this Certificate is used for taking Import benefits (if any) from DGFT.

Rajesh

Foreign Exchange Inward Remittance

Receipt of foreign exchange in India is called Inward remittance. Apart from exports there are other transactions, which generate inward remittance. For example Non-resident Indian staying abroad may remit foreign exchange to their relatives in India. Inward remittances are usually in the nature of foreign currency notes, foreign currency traveler cheques, foreign currency cheques / foreign currency demand drafts and inward telex transfers.

Exchange Management Regulations

1. There are no restrictions on receiving remittances from abroad through authorized dealers in foreign exchange in India.

a. Persons resident in India are also permitted to receive directly from persons resident outside India foreign exchange in the  form of bank drafts or traveler's cheques issued outside India or cheques drawn on banks situated outside India provided the instruments so received are surrendered to an authorized dealer in foreign exchange in India within a period of seven days from date of receipt.

b. Persons resident in India are also permitted to receive from any person resident outside India and who is on a visit to India payment in foreign currencies for services rendered or in settlement of any lawful obligations - subject to the condition that the foreign currencies so received will be surrendered to an authorized dealer in foreign exchange within seven days of receipt. (Note: General permission has been given by RBI to persons resident in India to retain with them foreign currency up to the value of USD 2,000. In other words, the amount held by residents should not exceed USD 2,000 or its equivalent at any point of time. The amount, which is in excess of USD 2,000 mentioned above, must be surrendered to an authorized dealer within a period of seven days of acquisition. Needless to state that the foreign exchange mentioned above should have been acquired by the resident in conformity with the provisions of the FEMA).

c. Exporters in India are permitted to receive directly from the overseas buyers during their visit to India foreign exchange in the form of bank drafts, personal cheques, currency notes, pay orders, banker’s cheques and traveler's cheques in payment of goods already exported or to be exported. The exporters must surrender these foreign currency instruments to an authorized dealer in foreign exchange in India within a period of seven days from date of receipt. Authorized dealers have been advised by RBI to treat such payments as realization of export proceeds.

If the amount of inward remittance exceeds Rs.1,00,000 (or its equivalent in foreign exchange), then the purpose of remittance should be ascertained by the authorised dealer. This information should be reported to RBI in the supplementary statement annexed to R-Returns.

e. Authorised dealers should issue foreign Inward Remittance Certificate (FIRC) in the prescribed form if requested by the beneficiary.

(i). If the amount received exceeds Rs.15, 000/- in value, then the FIRC should be issued on security paper. The  FIRC forms should be printed on security paper. If, however, the amount received from abroad does not exceed Rs.15, 000, then the FIRC may be issued on the printed letterhead with logo of the authorized dealer instead of on the security paper.

(ii). Exporters may ask for certificates to be issued by authorised dealers for submission to the office of the Director General of Foreign Trade (DGFT). Authorised dealers may issue such certificates - after verifying all the required particulars.

(iii). Sometimes customers may ask for inward remittance certificates for submission to the Income tax Department. Authorised dealers may also comply with such requests.

(iv). Whenever exporters receive advance remittances, it is their practice to obtain FIRC for the amount so received from the bank concerned. Subsequently as and when export is made and documents are presented by the exporter, the FIRC mentioned above should be called for in original and necessary endorsement made thereon by the authorised dealer.

(v). Whenever inward remittances are received for opening of a NRE or FCNR account (or for funding these accounts) FIRCs should not be issued by authorised dealers.Foreign Exchange Inward Remittance 

2. Persons who are receiving inward remittance from abroad may, if they so desire, request the bank concerned to keep a portion of the amount in foreign currency in an account styled as Exchange Earners Foreign Currency account (EEFC). The limit is 70 per cent of the inward remittance in the case of 100 per cent export oriented units and 50% in other cases. The EEFC facility is available not only for exporters but also for any person who is receiving an inward remittance from abroad. Therefore, before converting the inward remittance amount into Indian rupees, it is advisable to ascertain from the beneficiary of the remittance whether the entire amount may be converted into Indian rupees or any portion thereof is required to be held in an EEFC account.

3. Inward remittances through normal banking channel are freely permitted under the Foreign Exchange Management Act 1999 (FEMA). There is, however, another law in the country and it is called Foreign Contribution (Regulation) Act, 1976. This law is administered by the Ministry of Home Affairs, Government of India, New Delhi and not by Reserve Bank of India. Beneficiaries of inward remittances are advised to comply with the provisions of this law wherever considered necessary. This law applies to Associations having a definite cultural, economic, educational, religious or social programme. These types of associations must be registered with the Home Ministry of Central Government before they could accept foreign contribution. Branches should communicate with IBD Chennai and obtain prior approval and instructions before opening accounts for such associations when receiving inward remittances from abroad. 

Source: Internet
 

Our company has been running on money from myself and the other director - we only opened our office in India in April, and as yet have not had any income.  Our CA recently advised us that the money we have already brought into the accounts cannot be used to pay for our shares, and we had to bring in a separate 100,000 INR to pay for the shares.  The problem is that we are both foreigners, and I cannot sent the money from my country because I am here in India, and the other director lives in a country where sending money is illegal for a private individual.  So he arranged for his company to send the money, but the CA now says that we cannot use that money either because it is not from the individuals.  Is India so set on stopping foreigners from doing business here?

In addition, Bank of Baroda will ONLY issue a FIRC if I go in person to a distant branch, and refuse to arrange it through my local branch.  It is hard to believe that in the 20th Century such a situation could exist... let alone the 21st Century.  Each time funds come from abroad, I lose half a day's work because I must attend this branch in person - I cannot send anybody else.  Are there any less anachronistic banks we could use?

We are about to give up on India as a bad joke, and go to a more advanced country, e.g. Bangladesh or Philippines, where the governments don't hinder businesses by tying their hands behind their backs with red tape.

I want to know FIRC is applied in packing credit and post shipmennt loan or not? if any body can?

Please help me FIRC

Who can issue of FIRC certificate

Banker Or any Private Money tranfer Agencies.