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FIRC REGULARIZATION

Eeranna Halakatti

We are dealing with exports of Sheet Metal Enclosures. Foreign customers will remittance the amount to our bank account against the invoices and banker will issue the FIRC for same.

Query:

  1. After getting the FIRC is it mandatory to regularize?
  1. If it is mandatory then what is threshold limit?

I would request you to suggest me in this regard.

Eeranna Halakatti

FIRC regularization required: convert FIRC into BRC and consult your banker for the procedural steps and compliance. Convert the received FIRC into a BRC; consult your banker for the bank's prescribed procedure and any applicable thresholds for documentary regularization of export remittances. (AI Summary)
Banking - Finance
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YAGAY andSUN on Jun 22, 2015

you need to get the FIRC converted in BRC. Discuss the procedure with your Banker.

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