FIRA (Foreign Inward Remittance Advice)

What is FIRA?

FIRA stands for Foreign Inward Remittance Advice. It is a document issued by an authorized dealer bank in India confirming that a foreign currency remittance has been received and credited to the beneficiary's account.

Think of it as a receipt from your bank proving that you received money from abroad. It contains details like the sender's name, amount in foreign currency, exchange rate applied, INR amount credited, purpose code, and the date of transaction.

Why Do Freelancers Need FIRA?

If you're an Indian freelancer receiving payments from international clients, FIRA is critical for:

• Income Tax Return (ITR) filing — serves as proof of foreign income
• GST compliance — required to claim zero-rated supply status on export of services
• Audit documentation — your CA will need it during tax assessments
• FEMA compliance — proves the remittance was received through proper banking channels

FIRA vs FIRC

FIRA replaced the older FIRC (Foreign Inward Remittance Certificate) in 2016 when the RBI updated its guidelines. While many people still use the term "FIRC," banks now issue FIRA. The key differences:

How Much Do Banks Charge for FIRA?

Most Indian banks charge between ₹500 and ₹2,500 per FIRA certificate. If you receive monthly payments, that's ₹6,000-₹30,000 per year just for documentation.

FaiirPe provides a free FIRA certificate with every payment, saving you this cost entirely.

Related Terms

• FIRC — the legacy version of FIRA
• Mid-Market Rate — the fair exchange rate benchmark
• Purpose Code — the RBI classification code on your FIRA