To receive the Inward Remittance, you must receive money from a foreign source, which should be credited to your bank account in India.
1. Provide Information to the Bank:
You must provide the necessary details to your bank, including the purpose of the remittance, the sender's details, and any other required information. You can find your invoices on the "Activity" tab on the left menu.
2. Application for FIRC:
Submit an application to your bank requesting a Foreign Inward Remittance Certificate (FIRC). This request is usually made on a prescribed form provided by the bank.
3. Verification:
The bank will verify the details of the remittance and ensure that the funds have been received in accordance with the regulations.
4. Issuance of FIRC:
Upon successful verification, the bank will issue the FIRC. The certificate typically contains details such as the beneficiary's name, the remittance amount, the purpose of the remittance, the sender's name, the date of receipt, and other relevant information.
5. Use for Documentation:
Once you have the FIRC, you can use it as proof of the inward remittance for various purposes, such as compliance with regulatory requirements, tax filings, and documentation related to foreign exchange transactions.
It's important to note that specific procedures and requirements may vary among banks, so checking with your respective bank for their exact process for obtaining an FIRC is advisable. Additionally, the purpose for obtaining the FIRC may influence the documentation required.