What is FIRC in export import business Posted on 01 June 2022 Category : Export The information provided here is part of Export Import Training course online What is FIRC in export import business FIRC means Foreign Inward Remittance Certificate. Once your overseas client pays your sale proceeds to your account, a certificate is issued by your bank in this regard mentioning the details of remittance made by your client. This is a proof of receipt which is required to submit with various government authorities while applying for financial assistance and other government support. The above information is a part of Import Export Training course online Other details on how to import export Exchange rates in the field of exports Does exchange rate of currency effect export business? What happens, if Bank not received money from buyer after discounting of export bills? Is Letter of Credit LC safe for an Importer? Difference between Bank Release Order and Bank Delivery Order Disadvantages of Letter of credit (LC) for Exporter Excise and Customs - Click here to read complete notification under Budget 2014 How to get Export Orders? How to settle dispute in Exports and Imports? Click here to know India Trade Classification(ITC) Pre shipment bank finance to suppliers for exports through other agencies Types of export containers Measurement of export containers Foreign Trade Policy of India 2015-2020 MEIS, Merchandise Exports from India Scheme SEIS, Service Exports from India Scheme Merge your Commercial Invoice and Packing List for all your future exports Export procedures and documentation Is Letter of Credit LC safe for an Importer? Is ON BOARD CERTIFICATE required for LC negotiation What is Rummaging How does First Appraisement system of import customs clearance procedures work? How does Letter of Credit work? How does STP units work in India? How does TT (Telegraphic Transfer) work? 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What is VACIS exam in US import customs clearance When can an exporter release bill of lading from shipping company? When does exporter get EP copy of shipping bill after customs clearance Comments komal verma : On 15 July 2017 My name is komal verma,I work in Bank of india. I have one query regarding FIRC. One of my customer has received payment in Axis bank and the customer will submit the export documents against the payment to us.In order to realise the bill at our end we require FIRC from Axis Bank. Kindly guide whether FEDAI allows to issue FIRC or not. anas: On 29 June 2022 Last November I was looking for a business and got A4 Paper business from Google search, In last January I have Place an order (8000Reams)from Thailand. The Payment is paid three times as per their terms of contention (5270 USD). Our payment via bank transfer can paid with in 3 working days only ,After that exporter company demanded so many payments like demurrage charges , Anti dumping charges, custom brokerage charges, port of entry permit charges, city permit licence charge, documentation charges, (Approximate 10000USD ).I was paid this much amount through Bitcoin Account transfer because they are demanded instant transfer, the company assure that an amount of 7000 USD will refund as soon as the consignment is deliver . The Shipping Companies (Ocean Transport Movers) tracking status said that container arrived Cochin Port on 25th March 2020.They said that they will clear the goods deliver to our company but I have paid custom duty and all documentation charges to exporter company. But after the last payment (Two weeks ago) , the exporter and shipper is not answering the phone calls and mails. Please give me a solution to resolve the problem, how to approach the court of law. I was raise the fund from my relatives of the family and have many problems, Please consider this mail as a request to resolve the problems. I expect a Positive reply from you sir. monish: On 29 June 2022 We have been through your website in regards to the export/import business and it was very useful. Our company is venturing into import and export of Covid 19 products. We would like to consult you regarding certain procedures. It would be a great pleasure to talk to you further in regards to the same. mamtha: On 30 June 2022 I stumbled upon your website and found it very informative. Would it be okay if I ask an advice from you? I have a few queries and would be grateful if you take time to answer them. Let me give you a brief background of my business. I am located in Mumbai, India. I sell fabric and ebooks. I receive payments in my Paypal account in USD. Recently, I have got my current account and also AD code. I need to ask you what purpose code should I choose in Paypal when I transfer money in my bank account? Which Purpose code for physical goods (fabric): Cross border delivery of goods and services ? Goods sold under merchanting receipt against export leg of merchanting trade ? & Purpose code for digital ebooks: My second query is when do I make a request for FIRC from citibank? What is the frequency in a year for tax purpose? Please let me know the answers to the above questions. Thank you so much in advance. anish: On 04 July 2022 we have received PO for supply of goods in INR from Indian company on CFR basis to their clients site in Bangladesh. we are purchasing the goods from China in USD and shipping directly to Bangladesh. Goods are Steel Pipes, fittings etc. going into Gas Project in GTCL, Bangladesh Project. does RBI will have any special Regulation to follow in this transaction or any documentation required to complete his transaction. Or we can consider normal trade regulations and proceed