FIRC (Foreign Inward Remittance Certificate)

What is FIRC?

FIRC stands for Foreign Inward Remittance Certificate. It was a document issued by authorized dealer banks in India to confirm receipt of a foreign currency remittance.

FIRC is Now FIRA

In 2016, the Reserve Bank of India (RBI) replaced FIRC with FIRA (Foreign Inward Remittance Advice). Despite this change, many freelancers, chartered accountants, and even some bank branches still use the term "FIRC" colloquially.

If your CA asks for a "FIRC," they mean the FIRA document your bank issues when you receive an international payment.

Why the Change?

The RBI standardized the format and naming to ensure consistency across banks. FIRA provides the same information as FIRC — sender details, amount, exchange rate, purpose code — but in a standardized format.

Do You Still Need It?

Yes. Regardless of whether it's called FIRC or FIRA, you need this document for:

• Filing your Income Tax Return
• GST compliance for export of services
• Audit documentation

FaiirPe provides a free FIRA certificate with every payment, eliminating the ₹500-2,500 per certificate that banks typically charge.