How to get FIRC for Paypal Payments in India

Calling all Paypal Customers from India, does anyone here know how to get FIRC (Foreign Inward Remittance Certificate) from a Bank. I receive payments for exports of Goods (Mobile Accessories). I have an account with ICICI bank and get all my paypal payments deposited there. What is the procedure and requirement to get the FIRC from my bank.

Any suggestions will be highly appreciated.

 

Hi Buddy, You can generate FIRC by following way-Provide summary of all the payments that you received through NEFT into your accounts.-Also provide all the copy of invoices[Foreign Currency] and if rquired also agreement-Instruct your bank to write application letter on their letter pad to the transferrign bank as per my knowledge it is Deutsche Bank Clearing Service Services office at Kodak House Mumbai-Your bank submit this with some charges Rs250 per FIRC and you will get FIRC issued by Deutsche BankI hope this wil help and I belongs to Export of IT and software related services and if you need any further help kindly contact me

 

Thanks a million buddy. Just a few questions. What agreement you are referring to and whether I will be charged FIRC charges for each NEFT payment that I receive into my account? Please help me with the answers.

 

Hi Buddy,You will be charged about Rs 250 (as per my knowledge ) for each FIRC here And money that you receivein your account is little less than what actually being transferred i dont have any idea regarding particular charges for NEFT but it is listed on below link of RBIhttp://www.rbi.org.in/scripts/FAQView.aspx?Id=60you can get charges on this site. I hope this wil help.If you have any other questions you can mail me at chiragsarvaiya@aol.com

 

I would like to inform you that you need to Contact the bank where your PayPal withdrawals are credited to request a FIRC certificate. Your bank should then write a letter addressed to Citibank with the following information:

• Unique Transaction Reference number (UTR)
• Customer name
• Account number
• Amount of money
• Date and purpose of the payment

We would recommend that the letter also mentions that the payment was received from PayPal.
You must inform your bank what postal address you want the FIRC certificate(s) to be delivered to.
Hope this information would help you.

 

Hey , does it mean PayPal send funds through CitiBank? Yes if then I have a thought, will CitiBank provide FIRC if we maintain an account with them?

 

probably yes!!!

 

Check this out...and ask at your branch if the request should be forwarded through them, or directly at the forex department.

APPLICATION FOR REQUEST OF FOREIGN INWARD REMITTANCE CERTIFICATE (FIRC)

http://www.icicibank.com/Personal-Banking/account-deposit/pdf/Applicationforrequest_12.pdf

 

I dont think Paypal would do that for you. You can request it to the bank as stated above.

 

I don't think that FIRC's are mandatory. It is for those who want to claim tax exemption of export related business. However we have to wait on this for better clarification. Everything is quite confusing.