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Foreign Inward remittance refers to the transfer of money to Indian from anywhere outside India. For example, when you receive money in your Indian bank account from a business or an individual abroad, it is called foreign inward remittance.
Foreign Inward Remittance Certificate (FIRC) is a document proof for any foreign transfer to India, in case of export of goods. For export of services, there will be no tax levied if there is an FIRC available with the business.FIRC is also important to avail export related schemes such as EPCG (Export promotion capital goods) and others.
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