FIRC Accounting

How FIRC accounting is done?
What is the status of prepaid insurance accounting?

pradeepkumarvashistha
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Feb 9th, 2009
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Bharat Chander

Aug 4th, 2014

FIRC stands for Foreign Inward Remittance Certificate. When any foreign currency comes to your account, the bank wants to know why the money in foreign exchange has to come to your account. Once you apply for FIRC it will come to you within 15 days. It contains original currency/ equivalent foreign currency/ transfer bank purpose of receipt/ name etc. As per RBI rules this documents has to be submitted to bank within 180 days.