Both businesses and individuals in India may need an FIRC for inbound payments received from foreign (outside of India) entities. A FIRC can act as a safeguard against legal hassles if authorities flag a transaction as suspicious. Moreover, FIRCs may be needed for tax purposes, claiming export incentives from the Government of India, or claiming custom duty exemptions.
As Monex USA does not offer the service of receiving INR for their clients, they do not facilitate the request for, issuance of, or delivery of FIRCs. The request for a FIRC should come from the recipient of the payment in India to their bank where the funds were credited.
The recipient of a foreign inward payment would request a FIRC from the receiving bank. Banks in India have different steps to follow on how to request a FIRC, but in most cases, it can be requested in person at a bank branch and/or by email.