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?

2. If it is mandatory then what is threshold limit?

I would request you to suggest me in this regard.

Eeranna Halakatti

AI Summary

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.