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    Business User ID without FIRC KYC

    Posted By : ARUN GANDHI / Published on : 25-Aug-2022 05:21 AM / View : 254 / Comment : 1

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    Hi All

    Can a business user id be created for reporting FC-GPR without the issuance of FIRC KYC by the bank?
    Read more on : firc without user business

    • Not,  business user ID cannot be created for reporting FC-GPR (Foreign Currency-Gross Provisional Return) without the issuance of FIRC (Foreign Inward Remittance Certificate) and KYC (Know Your Customer) documents by the bank.

      The FIRC and KYC documents are essential for verifying and documenting the foreign inward remittance into the Indian company's bank account.

      The Reserve Bank of India (RBI) requires the submission of FIRC and KYC documents as part of the FC-GPR reporting process. These documents serve as evidence of compliance with foreign exchange regulations and provide necessary details of the inward remittance, such as the remitter's name, amount, purpose, and date of remittance.

      The FIRC issued by the bank confirms the receipt of foreign currency in compliance with the applicable regulations. It is a crucial document for demonstrating the legitimate source of funds and is essential for accurate reporting.

      The KYC documents, on the other hand, are necessary for identifying and verifying the foreign investor(s) who are subscribing to shares or convertible instruments of the Indian company. KYC documents typically include passport copies, proof of address, and other identification documents as required by the RBI and authorized banks.

      Without the FIRC and KYC documents, the bank would not have the necessary information to create a business user ID for FC-GPR reporting. Therefore, it is essential to obtain the FIRC and complete the KYC process through the bank before proceeding with the FC-GPR reporting.

      14-06-2023 / 07:06:27 AM
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