FIRC REGULARIZATION, Banking - Finance

[Eeranna Halakatti]

We are dealing with exports of Sheet Metal Enclosures. Foreign customers will remittance the amount to our bank account against the invoices and banker will issue the FIRC for same.

Query:

1. After getting the FIRC is it mandatory to regularize?

2. If it is mandatory then what is threshold limit?

I would request you to suggest me in this regard.

Eeranna Halakatti

Posts / Replies

[YAGAY AND SUN]

you need to get the FIRC converted in BRC. Discuss the procedure with your Banker.