{"id":2664,"date":"2025-05-25T19:38:00","date_gmt":"2025-05-25T14:08:00","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=2664"},"modified":"2026-01-12T18:26:54","modified_gmt":"2026-01-12T12:56:54","slug":"firc","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/firc\/","title":{"rendered":"Foreign Inward Remittance Certificate (FIRC): Everything That You Need To Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f29ec6ecdd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f29ec6ecdd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_FIRC\" >What is FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Who_Needs_a_FIRC_and_Why\" >Who Needs a FIRC and Why?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_the_Use_of_FIRC\" >What is the Use of FIRC?&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#It_is_Legal_Proof\" >It is Legal Proof<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Prerequisite_for_Claiming_Export_Incentives\" >Prerequisite for Claiming Export Incentives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Proof_of_Shares_Purchased\" >Proof of Shares Purchased<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#To_Prove_No_GST_on_Services\" >To Prove No GST on Services<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Why_Does_FIRC_Matter_for_Your_Business\" >Why Does FIRC Matter for Your Business?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Who_Issues_the_FIRC\" >Who Issues the FIRC?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#How_Cashfree_Makes_It_Easier\" >How Cashfree Makes It Easier<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#FIRC_vs_e-FIRC_vs_FIRS_vs_BRC_Whats_the_Difference\" >FIRC vs e-FIRC vs FIRS vs BRC: What\u2019s the Difference?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_EDPMS_and_Why_It_Matters_for_FIRC\" >What is EDPMS and Why It Matters for FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_an_Inward_Remittance_Message_IRM\" >What is an Inward Remittance Message (IRM)?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Purpose_Codes_Getting_It_Right_Matters\" >Purpose Codes: Getting It Right Matters<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_an_Authorized_Dealer_AD_and_How_Does_it_Relate_to_FIRC\" >What is an Authorized Dealer (AD), and How Does it Relate to FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_if_Your_AD_Bank_and_Beneficiary_Bank_Are_Different\" >What if Your AD Bank and Beneficiary Bank Are Different?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#How_to_Get_a_FIRC_in_India\" >How to Get a FIRC in India<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#_Step-by-Step_Process_of_getting_FIRC_in_India\" >&nbsp;Step-by-Step Process of getting FIRC in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Common_Challenges_While_Obtaining_a_FIRC\" >Common Challenges While Obtaining a FIRC<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Getting_Your_e-FIRS_Instantly_with_Cashfree\" >Getting Your e-FIRS Instantly with Cashfree<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_Happens_If_You_Dont_Get_a_FIRC\" >What Happens If You Don\u2019t Get a FIRC?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#FIRC_GST_Refunds_How_They_Work_Together\" >FIRC &amp; GST Refunds: How They Work Together<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#How_the_Process_Works\" >How the Process Works<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Who_Issues_The_FIRC\" >Who Issues The FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#How_can_your_SellerService_Provider_gain_Instant_Access_to_e-FIRS\" >How can your Seller\/Service Provider gain Instant Access to e-FIRS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#FAQs_On_FIRC\" >FAQs On FIRC<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_e-FIRC\" >What is e-FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_the_Difference_between_Physical_FIRC_and_e-FIRC\" >What is the Difference between Physical FIRC and e-FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_the_Difference_between_FIRC_and_BRC\" >What is the Difference between FIRC and BRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_to_do_if_the_FIRS_is_not_received\" >What to do if the FIRS is not received?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_FIRC_in_Export\" >What is FIRC in Export?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Do_Freelancers_require_a_FIRC\" >Do Freelancers require a FIRC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_is_a_Purpose_Code\" >What is a Purpose Code?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#What_are_the_Latest_FIRC_RBI_guidelines\" >What are the Latest FIRC RBI guidelines?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/blogrevamp.cashfree.com\/firc\/#Related_Post\" >Related Post<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This blog details the definition of FIRC (<\/em><strong><em>Foreign Inward Remittance Certificate). <\/em><\/strong><em>It also talks about the importance of a FIRC certificate and the process of obtaining it.&nbsp;<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Nowadays, we are witnessing an explosion in the cloud-based communication and service export industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As more and more companies invest in the global workforce and payouts, they are beginning to understand the challenges that come with it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of those challenges is the FIRC.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, what is it and why is it important? Let\u2019s find out.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-firc\"><span class=\"ez-toc-section\" id=\"What_is_FIRC\"><\/span>What is FIRC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The full form of FIRC is <strong>Foreign Inward Remittance Certificate<\/strong>.A Foreign Inward Remittance Certificate (FIRC) is an official document issued by an Authorized Dealer (AD) Category I bank in India. It acts as legal proof that a business or individual in India has received a payment in foreign currency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While traditionally issued in physical form, FIRCs are now predominantly electronic (e-FIRC), especially for service and goods exports. Physical FIRCs are only issued today in specific cases such as Foreign Direct Investment (FDI) or Foreign Institutional Investment (FII).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FIRC plays a critical role in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Validating export transactions<\/strong><strong><br><\/strong><\/li>\n\n\n\n<li><strong>Claiming tax exemptions or incentives<\/strong><strong><br><\/strong><\/li>\n\n\n\n<li><strong>Proving receipt of funds under FEMA regulations<\/strong><strong><br><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u26a0\ufe0f Note: For export of goods and services, FIRC issuance is tied to RBI\u2019s Export Data Processing and Monitoring System (EDPMS). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the context of transfers received on the export of goods &amp; software services, most people <strong>use the terms e-FIRC (electronic FIRC) and FIRC interchangeably<\/strong> as they mean the same thing. We will be following the same nomenclature in this blog.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.cashfree.com\/international-payments\/international-wire-transfer\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=firc\" target=\"_blank\" rel=\"noreferrer noopener\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"205\" data-attachment-id=\"2826\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/firc\/banner\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" data-orig-size=\"768,205\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Banner\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/02\/Banner.png?resize=768%2C205&#038;ssl=1\" alt=\"FIRC\" class=\"wp-image-2826\" style=\"width:749px;height:199px\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?w=768&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?resize=300%2C80&amp;ssl=1 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-requires-a-firc\"><span class=\"ez-toc-section\" id=\"Who_Needs_a_FIRC_and_Why\"><\/span><strong>Who Needs a FIRC and Why?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re receiving foreign currency in India, you may need a FIRC depending on the nature of the transaction and the regulatory purpose. Here&#8217;s a breakdown by profile:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Recipient Type<\/strong><\/td><td><strong>Is FIRC Required?<\/strong><\/td><td><strong>Why It Matters<\/strong><\/td><\/tr><tr><td><strong>Exporters (Goods\/Services)<\/strong><\/td><td>Yes<\/td><td>To claim export benefits, GST refunds, or comply with DGFT<\/td><\/tr><tr><td><strong>Freelancers<\/strong><\/td><td>Sometimes<\/td><td>Needed to justify foreign income for tax and audit purposes<\/td><\/tr><tr><td><strong>Salaried Employees (Foreign Employer)<\/strong><\/td><td>Sometimes<\/td><td>Acts as income proof for Indian tax reporting<\/td><\/tr><tr><td><strong>eCommerce Sellers (International Buyers)<\/strong><\/td><td>Yes<\/td><td>Required for GST zero-rating and forex compliance<\/td><\/tr><tr><td><strong>Startups (Receiving FDI)<\/strong><\/td><td>Yes<\/td><td>FIRC is required to file Form FC-GPR with RBI<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pro Tip:<\/strong> Always consult your CA or legal advisor if you\u2019re unsure\u2014wrong classification can lead to compliance issues or delayed refunds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-use-of-firc\"><span class=\"ez-toc-section\" id=\"What_is_the_Use_of_FIRC\"><\/span>What is the Use of FIRC?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So, why is the Foreign Inward Remittance Certificate important for your beneficiaries in India? Have a look&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-it-is-legal-proof\"><span class=\"ez-toc-section\" id=\"It_is_Legal_Proof\"><\/span>It is Legal Proof<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FIRC serves as evidence for receiving international payments<\/strong> in India. Without it, your beneficiaries can be vulnerable to legal troubles which can extend to your own organization.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-prerequisite-for-claiming-export-incentives\"><span class=\"ez-toc-section\" id=\"Prerequisite_for_Claiming_Export_Incentives\"><\/span>Prerequisite for Claiming Export Incentives<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The FIRC &amp; BRC are crucial documents that the DGFT (Directorate General of Foreign Trade) and the Central Board of Indirect Taxes and Customs (CBIC) require to claim any export-related incentives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, they are equally crucial to claim custom duty exemptions, refunds on service tax or any other financial assistance.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-proof-of-shares-purchased\"><span class=\"ez-toc-section\" id=\"Proof_of_Shares_Purchased\"><\/span>Proof of Shares Purchased<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Here is another situation where FIRC proves itself indispensable. Let\u2019s assume you issue shares in the name of a person\/ company that exists outside a country. Here, <strong>it acts as proof of money received by that person\/company in lieu of a share application<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alternatively, let\u2019s assume that a resident Indian sells or transfers his shares to some non-resident Indian or foreign identity. Here,<strong> the FIRC certificate is proof that the resident seller has got the consideration for the share purchase.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, it is a very crucial document which is submitted to DGFT (Director General of Foreign Trade)&nbsp;in the case of EPCG (Export Promotion Capital Goods)<sup><a href=\"https:\/\/www.dgft.gov.in\/CP\/?opt=epcg\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">5<\/a><\/sup> and Advance License.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Export Promotion Capital Goods (EPCG) is a scheme by DGFT to facilitate the import of capital goods. This Scheme allows the import of capital goods at zero customs duty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, an Advance Licence is issued to allow the duty-free import of inputs that are incorporated in the export product.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related Post: <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><a href=\"https:\/\/www.cashfree.com\/blog\/vendor-payment\/\">Vendor Payment<\/a><\/mark><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-to-prove-no-gst-on-services\"><span class=\"ez-toc-section\" id=\"To_Prove_No_GST_on_Services\"><\/span>To Prove No GST on Services<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If services are exported<strong>, no GST is levied<\/strong><sup><a href=\"https:\/\/cleartax.in\/s\/impact-of-gst-on-export-of-goods-and-services\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">6<\/a><\/sup>. In such cases, FIRC acts as an important proof of the export of services and remittances which are received in lieu of them.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Does_FIRC_Matter_for_Your_Business\"><\/span><strong>Why Does FIRC Matter for Your Business?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Think of the FIRC as your <strong>financial passport<\/strong> for cross-border compliance in India. It\u2019s more than just a piece of paperwork\u2014it directly impacts your:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;<strong>Eligibility for Export Incentives<\/strong> (like RoDTEP, SEIS, EPCG)<br><\/li>\n\n\n\n<li><strong>GST Refund Claims<\/strong> for zero-rated exports<br><\/li>\n\n\n\n<li>&nbsp;<strong>Income Tax &amp; Audit Defense<\/strong> if questioned on foreign revenue<br><\/li>\n\n\n\n<li><strong>FEMA Compliance<\/strong>\u2014especially for FDI, share transfers, or SaaS receipts<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;Without a valid FIRC or e-FIRS, you could face:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Delayed or denied refunds from the government<br><\/li>\n\n\n\n<li>Notices under FEMA Section 13<br><\/li>\n\n\n\n<li>Rejected filings with DGFT<br><\/li>\n\n\n\n<li>Investor scrutiny during due diligence<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Issues_the_FIRC\"><\/span>Who Issues the FIRC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>beneficiary bank<\/strong>\u2014the bank where the foreign payment is received\u2014is responsible for issuing the FIRC or e-FIRS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s how it typically works:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If your <strong>beneficiary bank and AD bank are the same<\/strong>, the process is straightforward. The bank verifies the transaction, files the IRM in EDPMS, and issues the e-FIRC.<br><\/li>\n\n\n\n<li>If the <strong>beneficiary bank is different from the AD bank<\/strong>, then:<br>\n<ul class=\"wp-block-list\">\n<li>The beneficiary bank issues the e-FIRS<br><\/li>\n\n\n\n<li>The AD bank uses it to complete the EDPMS entry and final FIRC issuance<br><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Cashfree_Makes_It_Easier\"><\/span><strong>How Cashfree Makes It Easier<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For Cashfree users, there\u2019s no need to manually request a FIRC. We automatically send the <strong>e-FIRS to the beneficiary\u2019s email<\/strong> on the <strong>same day<\/strong> of payout, thanks to our direct integration with our banking partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This reduces manual bank coordination, ensures compliance, and helps your vendors or freelancers stay paperwork-ready.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.cashfree.com\/international-payments\/international-wire-transfer\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=firc\" target=\"_blank\" rel=\"noreferrer noopener\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"205\" data-attachment-id=\"2826\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/firc\/banner\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" data-orig-size=\"768,205\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Banner\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/02\/Banner.png?resize=768%2C205&#038;ssl=1\" alt=\"FIRC\" class=\"wp-image-2826\" style=\"width:749px;height:199px\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?w=768&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?resize=300%2C80&amp;ssl=1 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FIRC_vs_e-FIRC_vs_FIRS_vs_BRC_Whats_the_Difference\"><\/span><strong>FIRC vs e-FIRC vs FIRS vs BRC: What\u2019s the Difference?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">When dealing with international payments, these terms often get used interchangeably, but they serve different purposes. Here&#8217;s a breakdown:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Document<\/strong><\/td><td><strong>Stands For<\/strong><\/td><td><strong>Issued By<\/strong><\/td><td><strong>Used For<\/strong><\/td><td><strong>Physical or Electronic<\/strong><\/td><\/tr><tr><td><strong>FIRC<\/strong><\/td><td>Foreign Inward Remittance Certificate<\/td><td>Authorized Dealer Bank<\/td><td>Proof of foreign receipt under FEMA<\/td><td>Discontinued for most cases<\/td><\/tr><tr><td><strong>e-FIRC<\/strong><\/td><td>Electronic FIRC<\/td><td>Authorized Dealer Bank<\/td><td>Export proceeds, GST refunds, DGFT compliance<\/td><td>Electronic<\/td><\/tr><tr><td><strong>FIRS<\/strong><\/td><td>Foreign Inward Remittance Statement<\/td><td>Beneficiary Bank<\/td><td>Confirmation of inward remittance<\/td><td>Electronic<\/td><\/tr><tr><td><strong>BRC<\/strong><\/td><td>Bank Realization Certificate<\/td><td>Issued via DGFT (based on e-FIRC\/FIRS)<\/td><td>Claiming export incentives (RoDTEP, SEIS)<\/td><td>Electronic<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In most service export cases, the <strong>e-FIRC or FIRS<\/strong> is sufficient proof for compliance and refund claims. BRC is mandatory only for government incentive scheme.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_EDPMS_and_Why_It_Matters_for_FIRC\"><\/span><strong>What is EDPMS and Why It Matters for FIRC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Export Data Processing and Monitoring System (EDPMS)<\/strong> is an online platform launched by the Reserve Bank of India (RBI) in 2014 to streamline and digitize the monitoring of export transactions in India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s how it fits into the FIRC process:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>When a business <strong>receives foreign currency<\/strong> for exported goods or services, the Authorized Dealer (AD) bank must <strong>report the remittance in EDPMS<\/strong>.<br><\/li>\n\n\n\n<li>This remittance gets logged as an <strong>Inward Remittance Message (IRM)<\/strong>\u2014a mandatory step before issuing an e-FIRC.<br><\/li>\n\n\n\n<li>Only after this IRM entry is completed in EDPMS can the bank close the export transaction and issue a valid <strong>FIRC or BRC<\/strong> (Bank Realization Certificate).<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong>Why it matters:<\/strong><strong><br><\/strong> Without proper EDPMS reporting, exporters can face delays in FIRC issuance, GST refunds, and DGFT-related benefits like RoDTEP or EPCG.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_Inward_Remittance_Message_IRM\"><\/span><strong>What is an Inward Remittance Message (IRM)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">An <strong>Inward Remittance Message (IRM)<\/strong> is an electronic record submitted by the Authorized Dealer (AD) bank to the RBI\u2019s EDPMS system after a foreign currency payment is credited to an Indian beneficiary\u2019s account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s what happens:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Foreign funds arrive via <strong>NOSTRO\/VOSTRO account<\/strong> or domestic systems like <strong>RTGS\/NEFT<\/strong>.<br><\/li>\n\n\n\n<li>The <strong>beneficiary bank verifies<\/strong> the transaction for KYC and AML compliance.<br><\/li>\n\n\n\n<li>Once verified, the bank <strong>files an IRM on EDPMS<\/strong>, marking the realization of export proceeds.<br><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Insight:<br><\/strong> The IRM acts as a trigger for FIRC generation. Without this filing, the FIRC cannot be issued, and the export transaction remains unresolved in RBI records.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purpose_Codes_Getting_It_Right_Matters\"><\/span>Purpose Codes: Getting It Right Matters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Every foreign payment coming into India must be tagged with a <strong>Purpose Code<\/strong>\u2014a classification defined by the RBI to describe the nature of the transaction. These codes determine how the transaction is treated under FEMA, taxation, and export reporting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you choose the wrong code:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your bank may delay or reject FIRC issuance<br><\/li>\n\n\n\n<li>Your GST refund or DGFT incentive could get denied<br><\/li>\n\n\n\n<li>You may face compliance scrutiny under RBI audit<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Here are some common purpose codes:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Scenario<\/strong><\/td><td><strong>Purpose Code<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>SaaS export by Indian company<\/td><td>P0806<\/td><td>Software services, including SaaS<\/td><\/tr><tr><td>Freelance design work<\/td><td>P1007<\/td><td>Personal remittances for services<\/td><\/tr><tr><td>App Store or Play Store income<\/td><td>P1009<\/td><td>Royalty and license fees<\/td><\/tr><tr><td>FDI in Indian startup<\/td><td>P0006<\/td><td>Capital received for equity investment<\/td><\/tr><tr><td>Share sale to foreign entity<\/td><td>P0002<\/td><td>Sale of shares under private placement<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Tip: Always confirm the purpose code with your bank before initiating or receiving cross-border transactions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_Authorized_Dealer_AD_and_How_Does_it_Relate_to_FIRC\"><\/span><strong>What is an Authorized Dealer (AD), and How Does it Relate to FIRC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">An <strong>Authorized Dealer (AD) Category I bank<\/strong> is a financial institution licensed by the RBI to deal in foreign exchange transactions. These banks are the only entities permitted to issue FIRCs under FEMA regulations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When exporting goods or services, two key codes come into play:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>IEC Code:<\/strong> A 10-digit Import Export Code issued by DGFT\u2014mandatory for any export\/import activity.<br><\/li>\n\n\n\n<li><strong>AD Code:<\/strong> A 14-digit code assigned by your bank (usually where you hold a current account) to be registered at every port of export. It links your bank to customs and DGFT systems.<br><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_if_Your_AD_Bank_and_Beneficiary_Bank_Are_Different\"><\/span><strong>What if Your AD Bank and Beneficiary Bank Are Different?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This is common. For example:<\/li>\n\n\n\n<li>You receive payment in <strong>Bank A<\/strong><\/li>\n\n\n\n<li>But during shipment, you declared your <strong>AD Code from Bank B<br><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In this case:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Bank A<\/strong> (where funds arrive) issues an <strong>e-FIRC<\/strong> to <strong>Bank B<\/strong><strong><br><\/strong><\/li>\n\n\n\n<li><strong>Bank B<\/strong> then files the IRM in EDPMS and closes the export transaction<br><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tip:<br><\/strong> Keep your AD code updated across all export ports to avoid remittance mismatches and FIRC delays.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Get_a_FIRC_in_India\"><\/span>How to Get a FIRC in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The process of obtaining a FIRC involves coordination with the bank that received the foreign funds. Here&#8217;s a simplified breakdown:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Step-by-Step_Process_of_getting_FIRC_in_India\"><\/span><strong>&nbsp;Step-by-Step Process<\/strong> of getting FIRC in India<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Receive Foreign Payment<\/strong><strong><br><\/strong> Funds arrive via international wire transfer, SWIFT, or online payment gateway into your Indian bank account.<br><\/li>\n\n\n\n<li><strong>Request a FIRC\/FIRS<\/strong><strong><br><\/strong> The beneficiary (you) must request a <strong>Foreign Inward Remittance Statement (FIRS)<\/strong> or <strong>FIRC<\/strong> from the bank. This is sometimes also referred to as a <strong>Foreign Inward Remittance Advice (FIRA)<\/strong>.<br><\/li>\n\n\n\n<li><strong>Submit a FIRC Request Letter<\/strong><strong><br><\/strong> Include the following details in your letter:<br>\n<ul class=\"wp-block-list\">\n<li><strong>Beneficiary details<\/strong> (name, account number, bank)<br><\/li>\n\n\n\n<li><strong>Foreign remitter\/buyer details<\/strong><strong><br><\/strong><\/li>\n\n\n\n<li><strong>Amount in foreign currency + INR equivalent<\/strong><strong><br><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.cashfree.com\/blog\/what-is-a-utr-number\/\">UTR number<\/a><\/strong> (Unique Transaction Reference)<br><\/li>\n\n\n\n<li><strong>Purpose code<\/strong> (as per RBI guidelines)<br><\/li>\n\n\n\n<li><strong>Invoice copy<\/strong> (if applicable)<br><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Bank Verifies and Files IRM<\/strong><strong><br><\/strong> Your bank will check KYC\/AML status and, if everything matches, generate the <strong>Inward Remittance Message (IRM)<\/strong> on the RBI\u2019s EDPMS portal.<br><\/li>\n\n\n\n<li><strong>FIRC Is Issued<\/strong><strong><br><\/strong> After the IRM is accepted in EDPMS, the bank issues an <strong>e-FIRC<\/strong> (usually by email or downloadable via bank portal).<br><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong>Note:<\/strong> If the AD code bank and beneficiary bank are different, your beneficiary bank will first issue the e-FIRC, and then the AD bank will complete EDPMS filing.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Common_Challenges_While_Obtaining_a_FIRC\"><\/span><strong>Common Challenges While Obtaining a FIRC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">While the process looks simple on paper, in practice, businesses often face operational bottlenecks:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mismatch Between AD Code and Beneficiary Bank<\/strong><strong><br><\/strong> If the AD code submitted to customs doesn&#8217;t match the bank receiving the funds, you\u2019ll have to coordinate between both banks\u2014delaying FIRC issuance.<br><\/li>\n\n\n\n<li><strong>Incorrect or Missing Purpose Code<\/strong><strong><br><\/strong> Even a small error in tagging the remittance (like selecting a licensing code for a SaaS export) can invalidate the FIRC or delay GST refunds.<br><\/li>\n\n\n\n<li><strong>Delayed Response from Banks<\/strong><strong><br><\/strong> Some banks take up to 10\u201315 business days to issue an e-FIRC, especially if there are KYC queries or additional verification needed.<br><\/li>\n\n\n\n<li><strong>Manual Follow-Ups and Charges<\/strong><strong><br><\/strong> Several banks require physical letters or charge fees (\u20b9100\u2013\u20b9500) per FIRC request, making the process slow and inconsistent.<br><\/li>\n\n\n\n<li><strong>Export Benefit Rejections Due to Incomplete FIRC<\/strong><strong><br><\/strong> If your FIRC doesn\u2019t reflect the correct invoice number, UTR, or amount, you risk losing out on incentives like SEIS or RoDTEP.<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This is where using an automated, integrated platform like Cashfree simplifies the entire chain\u2014from remittance to FIRC delivery.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Getting_Your_e-FIRS_Instantly_with_Cashfree\"><\/span>Getting Your e-FIRS Instantly with Cashfree<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Typically, getting a FIRC involves manual follow-ups with banks and delayed processing. With <strong>Cashfree<\/strong>, we make the process seamless for both businesses and their beneficiaries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s how:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>When you initiate a cross-border payout through Cashfree, the <strong>beneficiary\u2019s email ID is shared with our banking partner<\/strong>.<br><\/li>\n\n\n\n<li>As soon as the payout is credited, our partner bank issues an <strong>e-FIRS<\/strong>\u2014a digital version of the Foreign Inward Remittance Statement.<br><\/li>\n\n\n\n<li>This e-FIRS is <strong>automatically sent to the beneficiary\u2019s inbox<\/strong>, usually within the <strong>same business day<\/strong>.<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why it matters:<\/strong><strong><br><\/strong> The e-FIRS is legally accepted as proof of foreign payment realization for exports, GST refunds, and incentive claims\u2014just like a traditional FIRC.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.cashfree.com\/international-payments\/international-wire-transfer\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=firc\" target=\"_blank\" rel=\"noreferrer noopener\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"205\" data-attachment-id=\"2826\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/firc\/banner\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" data-orig-size=\"768,205\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Banner\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/02\/Banner.png?resize=768%2C205&#038;ssl=1\" alt=\"FIRC\" class=\"wp-image-2826\" style=\"width:749px;height:199px\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?w=768&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?resize=300%2C80&amp;ssl=1 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-ad-is-the-beneficiary-bank-the-same-as-the-bank-that-issues-the-ad\"><span class=\"ez-toc-section\" id=\"What_Happens_If_You_Dont_Get_a_FIRC\"><\/span><strong>What Happens If You Don\u2019t Get a FIRC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Failing to obtain a FIRC isn\u2019t just a paperwork miss\u2014it can trigger downstream compliance, tax, and regulatory issues. Here\u2019s what could go wrong:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>You may miss export incentives:<\/strong><strong><br><\/strong> Schemes like SEIS, RoDTEP, and EPCG require proof of foreign receipt. No FIRC = no claim.<br><\/li>\n\n\n\n<li><strong>GST refund claims may be denied:<\/strong><strong><br><\/strong> Without proof of inward foreign remittance, tax authorities often reject RFD-01 applications.<br><\/li>\n\n\n\n<li><strong>You risk FEMA non-compliance:<\/strong><strong><br><\/strong> Under FEMA Section 13, failure to document or report foreign exchange inflows can result in penalties up to 3x the transaction amount.<br><\/li>\n\n\n\n<li><strong>Share allotments may be blocked:<\/strong><strong><br><\/strong> If you\u2019ve received FDI, not furnishing FIRC along with Form FC-GPR may result in non-compliance during RBI reporting.<br><\/li>\n\n\n\n<li><strong>Audits become difficult:<\/strong><strong><br><\/strong> In case of scrutiny from income tax or DGFT, the absence of FIRCs can raise red flags\u2014even if you\u2019ve technically received the money.<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To stay compliant and audit-ready, it\u2019s critical to collect FIRCs for all qualifying cross-border transactions\u2014especially when money is tied to exports, equity, or services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FIRC_GST_Refunds_How_They_Work_Together\"><\/span>FIRC &amp; GST Refunds: How They Work Together<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re a service exporter in India (such as a SaaS business or freelance consultant), your services are considered <strong>zero-rated<\/strong> under GST. That means you can export without paying GST\u2014and claim a refund on any input tax paid.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s where FIRC comes in.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_the_Process_Works\"><\/span><strong>How the Process Works<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Export Services with LUT:<\/strong><strong><br><\/strong> File a Letter of Undertaking (LUT) on the GST portal to export services without paying tax.<br><\/li>\n\n\n\n<li><strong>Receive Payment in Foreign Currency:<\/strong><strong><br><\/strong> The funds must come from a foreign source and be credited in convertible foreign currency.<br><\/li>\n\n\n\n<li><strong>Obtain the FIRC or FIRS:<\/strong><strong><br><\/strong> This document acts as legal proof that you received payment for exported services.<br><\/li>\n\n\n\n<li><strong>File GSTR-1 and GSTR-3B:<\/strong><strong><br><\/strong> Include the export invoice in your GST returns.<br><\/li>\n\n\n\n<li><strong>Submit Refund Application (Form RFD-01):<\/strong><strong><br><\/strong> Upload the FIRC as proof while filing for refund of accumulated ITC (input tax credit).<br><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Without a valid FIRC, your refund may be rejected\u2014even if the payment is received because the GST department needs evidence of foreign remittance for zero-rated supply.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-issues-the-firc\"><span class=\"ez-toc-section\" id=\"Who_Issues_The_FIRC\"><\/span>Who Issues The FIRC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The beneficiary bank issues the FIRC and it is quite a lengthy process.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, if you are a Cashfree customer, this process can become simpler. Our banking partner would issue an e-FIRS (Foreign Inward Remittance Statement) against every transaction to the beneficiary&#8217;s email address.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, our banking partners will issue the e-FIRS directly to the beneficiary on the <strong>same day your payout is processed<\/strong>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-can-your-seller-service-provider-gain-instant-access-to-e-firs\"><span class=\"ez-toc-section\" id=\"How_can_your_SellerService_Provider_gain_Instant_Access_to_e-FIRS\"><\/span>How can your Seller\/Service Provider gain Instant Access to e-FIRS?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While initiating a transfer request with Cashfree, please ensure that you include the correct \u2018Email ID\u2019 corresponding to your seller\/service provider.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But understanding <strong>how<\/strong> to get a FIRC certificate is only half the work done. It is also important to understand<strong> why<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.cashfree.com\/international-payments\/international-wire-transfer\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=firc\" target=\"_blank\" rel=\"noreferrer noopener\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"205\" data-attachment-id=\"2826\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/firc\/banner\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" data-orig-size=\"768,205\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Banner\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?fit=768%2C205&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/02\/Banner.png?resize=768%2C205&#038;ssl=1\" alt=\"FIRC\" class=\"wp-image-2826\" style=\"width:749px;height:199px\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?w=768&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/02\/Banner.png?resize=300%2C80&amp;ssl=1 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We hope that this section aided you in understanding the all you need to know about FIRC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there are still a lot of other concepts at play here.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us head over to the FAQ section to explore them in detail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-on-firc\"><span class=\"ez-toc-section\" id=\"FAQs_On_FIRC\"><\/span>FAQs On FIRC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-e-firc\"><span class=\"ez-toc-section\" id=\"What_is_e-FIRC\"><\/span>What is e-FIRC?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">e FIRC is the electronic version of FIRC. Since June 20, 2016, banks have stopped issuing physical FIRCs. Now, people use the terms FIRC and e-FIRC interchangeably.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-difference-between-physical-firc-and-e-firc\"><span class=\"ez-toc-section\" id=\"What_is_the_Difference_between_Physical_FIRC_and_e-FIRC\"><\/span>What is the Difference between Physical FIRC and e-FIRC?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Before EDPMS, banks issued a physical Foreign Inward Remittance Certificate against every transaction. However, the Government discontinued the physical FIRC in 2016.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nowadays, <\/strong>banks issue<strong> a physical FIRC only in the case of FDI and FII<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For all other foreign remittances and transactions, banks issue an e-FIRC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, post the introduction of EDPMS, FIRS is used today for the realisation of export proceeds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-difference-between-firc-and-brc\"><span class=\"ez-toc-section\" id=\"What_is_the_Difference_between_FIRC_and_BRC\"><\/span>What is the Difference between FIRC and BRC?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Often, the difference between the BRC (Bank Realization Certificate) and FIRC (Foreign Inward Remittance Certificate) is not very clear.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For starters, the beneficiary\u2019s AD (Authorized Dealer) banks issue both BRC and Foreign Inward Remittance certificates to customers for receiving amounts from foreign countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, here is what differentiates them:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bank issues the <strong>Foreign Inward Remittance Certificate<\/strong> in relation to any receipt of an amount from foreign countries. Now, this amount can be remuneration or advance payment on exports, air freight or ocean. In fact, it can even be wages under consultancy charges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The beneficiary&#8217;s bank issues the <strong>Bank Realization Certificate<\/strong> specifically in relation to the export of goods. In fact, bank issue the BRC on each shipment of export proceeds.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us assume you are an exporter. Chances are you want to avail the financial assistance or import duty exemptions provided by the Government\/ government agency.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, these agencies require proof of your exports to claim those benefits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BRC acts as proof of your export activities and helps you avail those exemptions. Cashfree\u2019s banking partner issued the FIRS. On its basis, the beneficiary bank issue the BRC \/ FIRC.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-to-do-if-the-firs-is-not-received\"><span class=\"ez-toc-section\" id=\"What_to_do_if_the_FIRS_is_not_received\"><\/span>What to do if the FIRS is not received?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Write an email to <a href=\"mailto:support@cashfree.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">support@cashfree.com<\/mark><\/strong><\/a> and we shall help you with a duplicate copy.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-firc-in-export\"><span class=\"ez-toc-section\" id=\"What_is_FIRC_in_Export\"><\/span>What is FIRC in Export?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">FIRC in export is a certificate that a bank issues as proof of international payments. This certificate mentions all the details of the remittance. Exporters may show this certificate to various government authorities if they apply for financial assistance and other government support. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-freelancers-require-a-firc\"><span class=\"ez-toc-section\" id=\"Do_Freelancers_require_a_FIRC\"><\/span>Do Freelancers require a FIRC?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you are a freelancer and receiving foreign remittances, you will require a FIRC as proof. In fact, this goes for freelance bloggers, artists and sellers as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-a-purpose-code\"><span class=\"ez-toc-section\" id=\"What_is_a_Purpose_Code\"><\/span>What is a Purpose Code?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Reserve Bank of India (RBI) issues the Purpose Code which is a unique code to <strong>specify the type of foreign currency transactions<\/strong>. This code is necessary because RBI prohibits certain types of payments. This helps RBI curb illegal transactions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hence, the FIRC request letter must have the <a href=\"https:\/\/docs.cashfree.com\/docs\/payouts-new-dashboard\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">purpose code attached<\/mark><\/strong><\/a>.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-the-latest-firc-rbi-guidelines\"><span class=\"ez-toc-section\" id=\"What_are_the_Latest_FIRC_RBI_guidelines\"><\/span>What are the Latest FIRC RBI guidelines?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You can refer to the latest version of RBI guidelines on the Export of Goods and Services<sup><a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/notification\/PDFs\/11MDEGS1205163428383952204B77831A3A086E82FDDF.PDF\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">8<\/a><\/sup>, as of October 19, 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, that was quite a lot of information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We hope this blog helped you understand the ins and outs of the Foreign Inward Remittance Certificate and the process of obtaining it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_Post\"><\/span>Related Post<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li><a href='https:\/\/www.cashfree.com\/blog\/upi-transaction-limit\/'>UPI Transaction Limit<\/a><\/li><li><a href='https:\/\/www.cashfree.com\/blog\/phonepe-transaction-limit-per-day\/'>Phonepay Transaction Limit<\/a><\/li><li><a href='https:\/\/www.cashfree.com\/blog\/google-pay-transaction-limit\/'>Google Pay Transaction<\/a><\/li><li><a href='https:\/\/www.cashfree.com\/blog\/fintech-companies-in-india\/'>Fintech Companies in India<\/a><\/li><li><a href='https:\/\/www.cashfree.com\/blog\/upi-integration\/'>UPI Integration<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>FIRC stands for Foreign Inward Remittance Certificate. It is issued by banks in India to provide proof of inward remittances of foreign currency. FIRCs are required for a variety of purposes, such as claiming tax benefits, obtaining government approvals, and opening bank accounts, etc.<\/p>\n","protected":false},"author":17,"featured_media":7024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[9490],"tags":[5998,1434,1430,1431,5506],"class_list":["post-2664","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cross-border-commerce-payments","tag-cross-border-payments","tag-efirc","tag-firc","tag-foreign-inward-remittance-certificate","tag-inward-remittance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Foreign Inward Remittance Certificate (FIRC)<\/title>\n<meta name=\"description\" content=\"Learn what a Foreign Inward Remittance Certificate (FIRC) is, why it\u2019s essential for exports and compliance in India, and how to easily obtain an FIRC via Cashfree.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/firc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Foreign Inward Remittance Certificate (FIRC)\" \/>\n<meta property=\"og:description\" content=\"Learn what a Foreign Inward Remittance Certificate (FIRC) is, why it\u2019s essential for exports and compliance in India, and how to easily obtain an FIRC via 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