Firc or e-firc for purpose code po802

1) ANZ India

2) ANZ India will issue FIRC

3) Yes

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FIRC stands for Foreign inward remittance certificate, it is a document that serves as a proof for inward remittances to India . In India getting an efirc is very crucial. The person who receives payment in foreign currency, called the beneficiary. The amount credited to the beneficiary bank through AD ( Authorised Dealer) of RBI. The beneficiary need to apply for FIRC request form to the bank. Once the request is made, the bank generates an IRM( Inward Remittance Message) on the EDPMS( export and data monitoring systems ) . The IRM number is the FIRC number. After paying the fees the bank will issue FIRC to the beneficiary account.

As per RBI, AD category 1 banks must report every money transfer to India, i.e.. inward remittances to EDPMS, including any outstanding transfers or advances they have received for the export of goods, services or software. When the bank receives advice, statement or NOC from the remitted bank and required documents, they will generate an IRM on the EDPMS. An EFIRC is issued in the EDPMS after the bank generates an IRM in the EDPMS. IRM no. Is your EFIRC no.

Solution
1) Which among the 2 banks are responsible for providing you an E-FIRC?

The responsibility for providing an Electronic Foreign Inward Remittance Certificate (E-FIRC) typically lies with the bank that is involved in the exchange of currency and the credit of the foreign remittance to your Indian bank account. In this case, ANZ India is responsible for providing the E-FIRC because they handle the currency exchange and deposit the Indian Rupees (INR) into your Axis Bank account.

2) If ANZ India provides an NOC to Axis Bank to provide an EFIRC, can or should Axis Bank provide the E-FIRC?

In the usual process of receiving foreign remittances in India, ANZ India, as the intermediary bank that handles the currency conversion and deposit into Axis Bank, should be the one to issue the E-FIRC. However, if ANZ India provides a No Objection Certificate (NOC) to Axis Bank and authorizes them to provide the E-FIRC, then Axis Bank may facilitate the issuance of the certificate. This would depend on the agreement and communication between ANZ India and Axis Bank. In most cases, the issuing bank, which is ANZ India in this scenario, would be the primary entity responsible for providing the E-FIRC.

3) For purpose code P0802, is an E-FIRC generally provided?

Yes, for transactions with the purpose code P0802, an E-FIRC is generally provided. The E-FIRC is an essential document that serves as proof of the foreign inward remittance, and it contains important details such as the source of funds, the purpose of the remittance, and other transaction-related information. Purpose code P0802 is typically associated with the import of goods and services, and it is important to have the corresponding E-FIRC to support these transactions for various purposes, including compliance with Indian regulatory requirements and for business record-keeping.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Based on the information you've provided from the FEDAI circular and ANZ Bank's communication, it appears that ANZ Bank has conveyed that Axis Bank should provide the Electronic Foreign Inward Remittance Certificate (E-FIRC) based on the process outlined in the circular.

The FEDAI circular you mentioned states that the reporting of inward remittances should be done by the bank when the funds are credited to the beneficiary exporter's account, whether through NOSTRO, VOSTRO, or RTGS/NEFT. If ANZ Bank follows this procedure and credits the funds to your Axis Bank account, they may consider Axis Bank as the entity responsible for providing the E-FIRC, as indicated in the circular.

In this specific case, it is essential to follow the instructions and guidance provided by ANZ Bank and comply with the process outlined in the FEDAI circular. If ANZ Bank has communicated that Axis Bank should provide the E-FIRC based on the circular's guidelines, it would be appropriate to proceed accordingly.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

- Contact Axis bank to get more clarification on this