Foreign Inward Remittance Certificate - India

Discussion in 'Payment Processing' started by miscsoft, Jul 17, 2012.

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  1. #1
    Hello Folks,
    One of my US client transferred some $$ to my ICICI bank account via wire transfer. The transactions are shown in my back account as NEFT-HSBCN********* or RTGS-HSBCN**********

    I need Foreign Inward Remittance Certificate (FIRC) for my tax purpose. But my banker (ICICI Bank) says that they will not issue it as they only received the payment in INR and I should contact HSBC to get the FIRC since they received the $ and converted it to INR.

    I really dont know whom to contact and in input from members will be appreciated.

    Thanks in advance.
     
    miscsoft, Jul 17, 2012 IP
  2. INDIAN123

    INDIAN123 Well-Known Member

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    #2
    but u said it is NEFT and rtgs then where is wire ?
     
    INDIAN123, Jul 17, 2012 IP
  3. miscsoft

    miscsoft Peon

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    #3
    Hello INDIAN123,
    the amount originated from USA. HSBC got the wire first which they forward it to my bank account at ICICI (Via NEFT/RTGS). This is how things work (HSBC and Stan Chart account for 80% of inward remittance). ICICI told me to get the FIRC from HSBC, while HSBC told me to get it from ICICI.

    Normal logic (and my auditor too) says ICICI should provide it. But they are clueless.
     
    miscsoft, Jul 20, 2012 IP