FIRA- Your certificate of compliance for every transaction

Modified on Mon, 18 Sep 2023 at 12:36 PM

Cross-border transactions are a must for every business. It’s important to understand what role FIRA (Foreign Inward Remittance Advice) plays for Indian businesses receiving funds from abroad.

FIRA is also largely known as FIRC (Foreign Inward Remittance Certificate). It’s a document that is generally issued and provided by banks.

A FIRA certificate acts as proof of funds received from abroad.

It contains essential details such as beneficiary names, the amount received in foreign currency, and the conversion rate to Indian Rupees (INR).

Why is it important to obtain a FIRA certificate for every inward remittance you make?

  1. RBI Compliant: The Reserve Bank of India (RBI) governs foreign exchange transactions in India. Obtaining a FIRA certificate ensures that the funds received from abroad adhere to RBI guidelines, keeping your business on the right side of the law.
  2. Ease of Accounting and Auditing: FIRA certificates maintain accurate accounting records, making auditing processes smoother. This way, the focus on evolving the business stays constant while also keeping financial reporting in check.
  3. Customs Clearance and Export Documentation: Businesses involved in import and export need FIRA certificates as supporting documents during customs clearance. It ensures smooth export documentation and validates the genuineness of inward transactions.
  4. Taxation: Inward remittances may be subject to taxation under Income Tax Act provisions. FIRA certificates help you comply with tax requirements and stay on the right side of statutory norms.
  5. Validates international payments: FIRA certificates serve as valid proof of successful payments from overseas clients, building trust and credibility in international trade.

Getting your hands on a FIRA certificate is a difficult process. It’s time-consuming.

And that’s why Karbon gives you an easier, simpler, quicker option.

Karbon Inward FX is compliant with regulations. Karbon Inward FX also prioritizes client satisfaction. Having partnered with J.P. Morgan and Chase Co., receive your funds into India from abroad seamlessly.

It’s hassle-free and adheres to the guidelines set by the RBI.

Karbon Inward FX gives you a FIRA certificate for every inward remittance, free of cost. Focus on what you do best while Karbon handles the intricacies of inward remittances to India.

Are you interested in Karbon Inward FX? Click on the link for a quick Demo with us!

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