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Foreign Inward Remmitance Certificate (FIRC)

rahul sharma (Student) (64 Points)

15 October 2008

Hello friends!!!!! ,Please help me Out!!! I want to know what are the DOCUMENTS & In what Time Period which i have to submitted with our Bank after receiving Foreign Inward Remmitance Certificate (FIRC) i.e when we have received any foreign remittance as Advance against services from outside india...Help me As soon as possible...Thanxs & Best Regards!!!! Rahul

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sudhir.kochhar (BANKER-TRADE FINANCE) (125 Points)
Replied 16 October 2008

Originally posted by :rahul sharma

Dear Rahul

Sudhir Kochhar

9891743321

sudhir.kochhar @ gmail.com

When an exporter receives advance he has to make shipment within 1 year as aresult he has to submit FIRC within 21 days from shipment date alomg with invoice , shiiping bill. SDf ,copy of bill of lading or Airway Bill, request letter, Packing List

1. What is the time limit of shipment of goods under Advance Payments

against Exports?

Ans: In terms of Regulation 16 of FEMA 23 dated May 3, 2000, where an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure

that -

(i) the shipment of goods is made within one year from the date of receipt of advance payment

If the exporter is unable to make the shipment, partly or fully, within one year from the date of receipt of advance payment, no remittance towards refund of unutilised portion of advance payment or towards payment of interest, shall be made after the expiry of the said period of one year, without the prior approval of the ReserveBank.

(ii) Where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment, the exporter shall require the prior approval of the Reserve Bank.

Hello friends!!!!!

,Please help me Out!!!

I want to know what are the DOCUMENTS & In what Time Period which i have to submitted with our Bank after receiving Foreign Inward Remmitance Certificate (FIRC) i.e when we have received any foreign remittance as Advance against services from outside india...Help me As soon as possible...Thanxs & Best Regards!!!! Rahul