Hi Dear, The basic document is FIRC, but different bankers call it different names like, HDFC Bank- Certificate of Foreign Inward remittance (CFIR) one should see the purpose of remittance as disclosed by the remitter, they may 1. Capital Contributions 2. payment against Invoice 3. Royalty 4.Contract payments etc.,
This certificate (FIRC or CIFR) need to be filed with the same banker within 30 days from the date of settment of invoice, along of copy of Export invoices and Original certiicate in relevent form of the banker, to send the same to RBI (for Balance of accounts purpose) by them. You have also need report if any amount is not recoverable on account of bad debt/discount/deduction/reduction by party. In the case of non-repatriable or repatriable capital contributions received you can retain the FIRC.( not required to file with the banker), but capital contributions need to be inimated to RBI in Form FC-GPR with all the relevent details. for other details you can get clarifications from your banker, about the process, type of account (indian or foreign currency account etc). Thanks Tulasi Rao On 1/8/10, vijay <[email protected]> wrote: > > Dear Sir, > > Can anybody advise me the rules of FIRC,basically our company has recd > some funds from our client at Canada ( inward remittance) .Please advise how > to get the same because our banker is saying that they can only issue the > inward remittance certificate not FIRC. > > Please give us the complete details of FIRC , on which cases the bank has > to issue the same, or this is the enough proof to satisfy the govt > authorities > > Regards. > VIJAY SINGH > > > > __________ Information from ESET Smart Security, version of virus signature > database 4724 (20091229) __________ > > The message was checked by ESET Smart Security. > > http://www.eset.com > > > -- > You received this message because you are subscribed to the Google Groups > "Skorydov MyTaxAssistant Member Group" group. > To post to this group, send email to > [email protected]. > To unsubscribe from this group, send email to > [email protected]<skorydovmytaxassistant%[email protected]> > . > For more options, visit this group at > http://groups.google.com/group/skorydovmytaxassistant?hl=en. > > -- Thanks & Best Regards Tulasi Rao Please don't print this e-mail unless you really need to.--
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