It is issued by banks authorized by the Reserve Bank of India.
In the world of international finance, one important document that holds significant value is the Foreign Inward Remittance Certificate, or FIRC for short. This document serves as tangible proof that a person or a company has received payment in a foreign currency from overseas to India. It is only granted by banks that have been given the authority by the Reserve Bank of India. So, if you ever come across this term, remember that it signifies the receipt of foreign funds into India, and is an essential document for any cross-border financial transaction.
