What is FIRC?

FIRC (Foreign Inward Remittance Certificate) is a document issued by banks in India to confirm that funds have been received from abroad into an Indian bank account. 

It is regulated by the Reserve Bank of India (RBI) and the Foreign Exchange Dealers Association of India (FEDAI). Authorized Dealer (A.D.) banks in India issue this document as proof of foreign transfers to India.


What is the use of FIRC?

FIRC is used as a proof of receipt of foreign funds. It is used for regulatory compliance, tax purposes, and to verify the source of incoming funds from abroad.

In India, exporters and sellers must get FIRC when they receive payments from abroad. They have to show the FIRC to various government authorities when they apply for financial assistance and government support or schemes.


How do I know if I need the FIRC document?

You will need an FIRC document if your transaction is for trade purposes (C2B/B2C/B2B transactions).

  • If you are an individual paying a business entity for purchasing goods or services, your transaction is a C2B one.
  • If you are a business disbursing payroll to your remote worker in India, your transaction is a B2C one.
  • If you are a business paying the shipping fee charged by your business partner, your transaction is a B2B one.


Types of FIRC
There are 2 types of FIRC:

  • Physical FIRC: A printed certificate issued by the bank.

Issued only for transfers (inward remittances) covering Foreign Direct Investment (FDI) / Foreign Institutional Investment (FII).

  • e-FIRC: A digital version of the certificate provided electronically by the bank.

According to the RBI, AD Category I banks must report all money transfers to India to Export and Data Monitoring Systems (EDPMS). This includes any advances or outstanding transfers they've received for the export of goods or software. Banks that receive these kinds of transfers will issue an electronic FIRC to EDPMS when the exporter asks them to.


Details of FIRC document

A FIRC document usually contains the following information:

  • Recipient’s name, bank name and bank account number
  • Remitter’s name and address
  • Transaction reference number
  • Payment date
  • Received amount (in INR)
  • Payment method
  • Transaction purpose


Is there any fee I need to pay for the FIRC document?

If you want to get the FIRC document for your recipient through Topremit, you will be charged IDR 38,000.