An e-FIRC (Electronic Foreign Inward Remittance Certificate) serves as proof that you've received a foreign payment, which was eventually converted to INR. According to government regulations, only your beneficiary bank (the bank where your INR is settled) is authorized to provide this certificate.
In a typical wire transfer scenario to your Indian bank, the bank performs the conversion, and you receive the e-FIRC directly.
However, when using fintech platforms like Mulya or PayPal, the process differs. These platforms handle the foreign currency conversion before transferring the funds to your Indian bank account. As a result, our banking partner, JPMorgan, issues a document called a FIRS (Foreign Inward Remittance Statement).
You can present this FIRS to your beneficiary bank to obtain the e-FIRC if needed.
For most cases, especially when you just need proof of foreign remittance, the FIRS provided by Mulya is sufficient, legal, and recognized by authorities, meaning there's no issue with GST compliance. Hence, many of our users find the FIRS to be adequate.
The e-FIRC is generally necessary only if you're exporting goods or when you're completing the process of updating export details on the EDPMS portal managed by the DGFT (Directorate General of Foreign Trade).