Awadhesh Ranjan

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FIRA (Foreign Inward Remittance Advice) is a document that confirms a foreign payment was received by an Indian business or freelancer. It records key details of the remittance and serves as supporting evidence for accounting, tax and compliance purposes.

A <a href="https://www.skydo.com/blog/importance-of-fira-for-freelancers">FIRA</a> typically includes the beneficiary and remitter details, foreign-currency and INR amounts, exchange rate, remittance or settlement date, purpose code, transaction reference number and issuing bank or authorised entity details.

FIRA is commonly issued for routine international payments received by Indian freelancers, agencies, consultants and service exporters. When a payment comes through a cross-border payment provider, the authorised dealer (AD) bank or banking partner can generate the remittance advice and make it available electronically through email or an online dashboard.

An eFIRA is simply an electronic form of FIRA. Depending on the bank or payment provider, the document may also be labelled an Inward Remittance Advice or Remittance Advice. What matters is that it contains the relevant details of the foreign payment.

An eBRC (Electronic Bank Realisation Certificate) is a digital record that confirms payment has been received against an export transaction. It links the inward remittance to the relevant export document, such as a shipping bill, invoice or SOFTEX form. Note that eBRC is the electronic form of the Bank Realisation Certificate.

Unlike a FIRA, which confirms that a foreign payment was received, an eBRC links the payment to the underlying export transaction and records the realisation of export proceeds.

The exporter’s AD bank reports the inward remittance through an IRM (Inward Remittance Message), after which the exporter can use the DGFT (Directorate General of Foreign Trade) portal to self-certify and generate the eBRC using their IEC (Import Export Code).

The eBRC process uses data from EDPMS (Export Data Processing and Monitoring System), the RBI system used by banks to report and track export transactions and realisation of export proceeds. The IRM number helps link the inward remittance to the relevant export transaction.

An eBRC typically contains details such as the exporter’s identification, export document or invoice details, realised payment amount, credit date and currency-conversion details.

The core difference between FIRA and eBRC is what they establish. A FIRA confirms that a foreign payment was received, while an eBRC links the realised payment to the underlying export transaction.

If you are an Amazon Global Seller, you might want to have a closer look at how the two documents, i.e., <a href="https://www.skydo.com/blog/fira-vs-ebrc-amazon-global-sellers-india?utm_source=chatgpt.com">FIRA vs eBRC </a>apply to marketplace exports.

Getting a FIRA from a traditional bank may involve submitting a request with the transaction UTR and purpose code, paying an issuance fee and waiting for the bank to process it. Fees and timelines vary by bank, but charges can range from around ₹200 to ₹1,000 or more, with some banks taking several working days to issue the document. Some payment providers, on the other hand, make FIRA available electronically without a separate request or issuance fee.

For an eBRC, the AD bank reports the inward remittance through an IRM (Inward Remittance Message) and the payment is linked to the relevant export transaction. The exporter can then use the DGFT portal to self-certify and generate the eBRC using the IRM details and IEC. This means the current DGFT process does not require the bank to generate the final eBRC on the exporter's behalf.

<a></a>FIRA vs eBRC: Which Document Do You Need?

The right document depends on what you export and what you need it for. Service exporters will generally need FIRA, while goods exporters may need both FIRA and eBRC. If you are claiming a specific export incentive or GST refund, check the documentation requirements for that process.

<a></a>Freelancer Receiving International Payments

<a></a>Service Exporter (Agency, Consultant, Design Studio)

<a></a>Goods Exporter Receiving International Payments

If you are a SaaS business looking at GST refunds, you might also want to check out the <a href="https://www.skydo.com/blog/fira-gst-refund-saas-exporters-india">FIRA requirements for GST refund </a>in India.

No. FIRC and FIRA are not the same document, though both serve as proof of foreign inward remittance into India.

FIRA is commonly used for routine business payments and service-export receipts, while FIRC or e-FIRC may still be relevant where a formal certificate is required.

For example, an overseas investment into an Indian company can involve an FIRC as part of the documentation for reporting the foreign investment. RBI's current foreign-investment reporting framework continues to refer to the FIRC number and FIRC as supporting documentation.

So, if you are simply receiving payments from overseas clients for freelance work, agency services or other routine business services, you will generally receive a FIRA or equivalent remittance advice from your bank or payment provider. If a specific authority or transaction requires an FIRC, the AD bank can issue the appropriate document under the applicable process.

How Does Skydo Help Indian Businesses Receive Payments Compliantly?

Skydo is a cross-border payment platform that helps Indian businesses and freelancers receive international payments from clients paying for services, goods or freelance work. With <a href="https://www.skydo.com/">Skydo</a>, you:

Moreover, Skydo provides support through WhatsApp, calls and text, so you can get help without navigating a global support queue or waiting for an RM to respond.

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International bank transfer fees

A shipping bill is an official customs document you file with Indian customs authorities. It carries the details of the goods you are exporting, their value, destination and payment terms. Filing one is mandatory for legal clearance and for claiming export incentives or duty drawbacks.

You or your Customs House Agent (CHA) file the <a href="https://www.skydo.com/blog/icegate-shipping-bill">shipping bill</a> before the vessel or aircraft departs. It is the primary record customs use to process an export declaration.

Say a Pune-based garments exporter ships 500 units to a UK buyer. They file a Drawback shipping bill, so they can later claim a refund of the customs duties paid on the fabric imported to make those units.

Why to Check the Status of Shipping Bill?

Checking your shipping bill status on ICEGATE lets you monitor customs clearance in real time, avoid penalties, and unlock financial benefits like GST refunds, duty drawback and export incentives.

How to Check Shipping Bill Status on ICEGATE?

There are two ways to check your shipping bill status on ICEGATE. Guest access needs no login and is enough for most exporters. The logged-in route gives you detailed processing history and document downloads.

Checking Shipping Bill Status Without Login (Guest Access)

Checking Shipping Bill Status With Login (Detailed View and Document Download)

The logged-in view adds full processing history with timestamps, query details and customs officer remarks, LEO details, and EGM status.

Downloading the digitally signed Shipping Bill PDF requires login. It is free and usable as many times as you need, and banks, DGFT and GST refund claims all accept it.

If you see "No record found" immediately after filing, wait 30 to 60 minutes and re-enter the details. Status updates take a few hours to reflect after a customs officer takes action.

What Do the Shipping Bill Status Codes Mean?

The shipping bill status codes on ICEGATE indicate the exact stage your export declaration has reached in customs processing and, critically, what you cannot do yet at each stage.

What Documents Are Needed to Check Shipping Bill Status on ICEGATE?

To check your shipping bill status on ICEGATE, you need three pieces of information: the Shipping Bill Number, the Shipping Bill Date, and the customs location, or port code, where the bill was filed.

If you have lost your shipping bill number, there are three quick places to look.

How Does Skydo Help Receive International Payments?

Once your shipping bill clears, with LEO granted and EGM filed, the customs side is done. The next bottleneck is getting your foreign payment into your account fast, without hidden charges, and with the compliance documents your bank and DGFT require.

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Proforma invoice vs quoation

An RCMC (Registration-Cum-Membership Certificate) is an official document that certifies a business as a registered exporter dealing in specific products. It is issued by government-authorised bodies such as Export Promotion Councils, Commodity Boards, or Development Authorities. It can be required when claiming benefits under government export schemes such as RoDTEP, Duty Drawback, and the Export Promotion Capital Goods scheme.

An <a href="https://www.skydo.com/blog/rcmc-certificate">RCMC</a> stays valid for five financial years, running from 1 April of the issuing year through 31 March of the final year. Some councils separately require annual renewal of membership fees to keep the certificate active throughout that period.

This article focuses specifically on downloading a certificate after approval, following <a href="https://www.skydo.com/blog/rcmc-certificate">RCMC registration</a> and the approval of the application.

<a></a>How To Download an RCMC Certificate From DGFT Portal: A Step-By-Step Guide

Downloading an RCMC certificate from the DGFT portal takes five steps, but only once the certificate has already been issued and approved by the relevant EPC or Commodity Board.

The exact menu sequence on DGFT runs login, then Services, then e-RCMC, then Search by IEC, then Download PDF. Each screen along the way should display the correct IEC details and application status before the download option becomes active.

Note that RCMC is only one of the documents exporters may need to access online. Other export records follow their own portal-specific processes, such as the steps involved when you<a href="https://www.skydo.com/blog/how-to-download-shipping-bill-from-icegate"> download a shipping bill from ICEGATE</a>.

Which Documents Are Needed to Download an RCMC Certificate?

To download an RCMC certificate from the DGFT portal, exporters commonly need three core documents, namely the IEC (Importer-Exporter Code), PAN (Permanent Account Number), and GST registration certificate. For:

Once the RCMC registration is approved, the certificate can be downloaded online through the applicable issuing body's process.

How Does Skydo Help Once You Have Exported Your Products?

Once an export is complete, getting the payment into India without any hassle becomes the next concern. <a href="https://www.skydo.com/">Skydo</a> helps exporters manage international receipts through a digital payment setup that combines multi-currency receiving accounts, transparent transaction fees and payment documentation. With Skydo, you get:

Proforma Invoice: Meaning, Format And Template

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What Is Liberalised Remittance Scheme (LRS) in India?

The Liberalised Remittance Scheme (LRS) allows Indian residents, including minors to remit up to $250,000 outside India in a financial year. The Reserve Bank of India (RBI) introduced the framework in 2004 under the Foreign Exchange Management Act (FEMA), 1999.

You can use LRS for <a href="https://www.skydo.com/blog/outward-remittance">outward remittances</a> related to current account transactions, including travel, education, medical treatment, and gifts. You can also use it for capital account transactions, including foreign investments, overseas property, and foreign bank accounts.

Besides the <a href="https://www.skydo.com/blog/foreign-remittance-limit">foreign remittance limit</a>, you must follow two critical rules to take advantage of the LRS scheme:

What are the Key Features of Liberalised Remittance Scheme?

The key features of the Liberalised Remittance Scheme (LRS) include a USD 250,000 annual limit per individual, availability for all resident individuals only, no prior approval required, TCS on amounts crossing the threshold, and prohibition on certain high-risk transactions.

Also keep checking the RBI website as it updates the rules around the Liberalised Remittance Scheme (LRS) in its latest circulars.

Who Can Remit Under the Liberalised Remittance Scheme in India?

Any person who qualifies as a resident individual under the Foreign Exchange Management Act (FEMA) and holds a valid PAN card is eligible to remit money under the Liberalised Remittance Scheme (LRS). For example, a software engineer living in Delhi can use LRS to send money to a brokerage account in the US to buy international stocks.

Resident minors are also eligible to participate in the LRS scheme. Because a minor cannot legally enter a contract alone, a parent or legal guardian must co-sign the required Form A2. This is common when parents set up overseas savings accounts for their children's future education.

LRS are for resident individuals only. The following entities are ineligible for the LRS:

The LRS doesn’t cover NRIs. They follow NRE/NRO account repatriation rules, which allow them to move money from India.

What are the Benefits of Liberalised Remittance Scheme?

The benefits of the Liberalised Remittance Scheme include global portfolio diversification, high-quality education abroad, financial support for family members living overseas, global travel and emigration, business expansion, and donations to individuals and charities outside India.

Portfolio diversification: Invest in international equities, global mutual funds, bonds, and Exchange Traded Funds (ETFs) through LRS to build global assets and balance out domestic market volatility.

Education support: Pay for tuition fees, hostel expenses, books, and daily living costs for students at foreign universities. A parent can use LRS to fund the necessary Guaranteed Investment Certificate (GIC) for their children studying in Canada and pay the first year's tuition directly from their Indian bank account.

Medical Treatment: Pay for specialized surgeries, consultations, or hospital stays to take care of your family members overseas.

Real Estate: Buy residential or commercial property abroad to build physical assets in leading cities globally.

Family Maintenance: Send gifts or monthly maintenance funds to close relatives like siblings, children, or parents to take care of their day-to-day expenses.

Business Expansion: Invest in foreign start-ups, joint ventures, or set up your own overseas business entities.

Global travel and emigration: Cover international leisure and business travel costs and relocation expenses for employment or permanent settlement.

Donations and gifting: Donate to international charities or send monetary gifts outside India using the LRS scheme.

What are Permissible Transactions Under the Liberalised Remittance Scheme?

Permissible transactions under the LRS are divided into current account transactions and capital account transactions. Current account transactions include money spent on services or expenses that do not create an asset outside India. Capital account transactions are those that create assets or liabilities outside India, such as buying property or stocks.

What Are The Prohibited Transactions Under Liberalised Remittance Scheme?

Prohibited transactions under the Liberalised Remittance Scheme include purchasing lottery tickets, engaging in margin trading for foreign exchange, and sending money to countries identified as non-cooperative by the Financial Action Task Force (FATF).

These prohibitions prevent money laundering, speculative financial losses, and the funding of illegal activities.

Lotteries and sweepstakes: You cannot use LRS funds to buy lottery tickets, enter online sweepstakes, or purchase banned or proscribed magazines. The FEMA guidelines disallow any transaction that resembles gambling or betting.

Foreign exchange and margin trading: You cannot use LRS to trade in global forex markets or to send money to overseas brokers for margin calls. For example, you cannot remit funds from India to your trading account in the UK to meet a margin requirement for a stock or currency position.

Secondary Market FCCBs: LRS does not allow the purchase of foreign currency convertible bonds issued by Indian companies in overseas secondary markets.

FATF Jurisdictions: You cannot send money to countries or entities identified as non-cooperative or high-risk by the FATF are prohibited.

Terrorism-Flagged Entities: Sending funds to individuals or groups identified by the RBI as posing a terrorism risk is also prohibited.

Resident-to-Resident Gifting: You cannot gift foreign currency to another Indian resident to credit a foreign bank account. All LRS gifts must be sent to a non-resident beneficiary.

What are Taxation Rules under Liberalised Remittance Scheme?

The taxation rules under LRS are governed by Section 206C (1G) of the Income Tax Act. It mandates banks to collect <a href="https://www.skydo.com/blog/tcs-on-foreign-remittance">Tax Collected at Source (TCS)</a> ‌at the time of remittance. The rate of TCS depends on the purpose of the transfer and the total amount remitted within the financial year. TCS is not a final tax; it is an advance tax credit that you can adjust with your total tax liability when filing your income tax return (ITR).

TCS Thresholds and Rates (Effective April 1, 2025):

Taxation on overseas investments is a separate matter. If you sell foreign stocks for a profit, you will pay Capital Gains Tax in India. Short-term gains are taxed at your slab rate, while long-term gains, for assets held over a certain period, are taxed at specific long-term rates.

What Documents Do You Need to Remit Under Liberalised Remittance Scheme?

To remit money under the LRS, you need the following documents: PAN card, a completed Form A2, valid KYC documents, and proof of the source of your funds. Depending on the reason for the transfer, you may also need to provide purpose-specific supporting documents to your bank.

Following is the list of purpose-specific documents banks might ask for:

How Does Skydo Help Receive International Payments in India?

While LRS helps you send money out of India, Skydo helps you receive money from your foreign clients. Skydo is authorised by the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) and it follows FEMA inward remittance rules.

Earning foreign currency is a non-LRS transaction that does not impact your USD 250,000 outward limit. Skydo provides the infrastructure to collect these payments faster and with significantly lower fees than traditional banks.

Traditional banks charge high currency conversion markups (1–3%) and hidden SWIFT fees, causing freelancers and exporters to lose 5–8% of their hard-earned income. That’s $5000 -$8000 on a foreign payment of $100,000.

Skydo charges a transparent flat fee: $19 for payments under $2,000 and $29 for payments up to $10,000. For larger amounts, the fee is a flat 0.3%. There are no monthly subscription fees or hidden charges. You only pay when you receive an international payment.

Skydo simplifies global collections by providing:

Cut down the complexity of inward remittance compliance and focus on growing your global business with Skydo.

<a href="https://www.skydo.com/">Sign up for a free demo with Skydo</a>

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Export Payment Terms

IEC verification is checking whether an Importer Exporter Code is valid, active, and correctly registered with DGFT and Customs. The IEC is a 10-character alphanumeric code issued by the Directorate General of Foreign Trade, and it's now tied directly to the entity's PAN.

For an exporter, verifying an IEC online isn't just confirming the number exists somewhere. It's about knowing the current status and whether the details attached to it are still correct.

There are two systems here, and they don't operate on the same clock. DGFT issues and maintains the record itself. ICEGATE is the Customs gateway, used for customs transactions and IEC or BIN enquiries.

An IEC can be active on DGFT while its Customs-side record is still catching up, especially right after issuance or an amendment.

Checking the IEC beforehand also gives a business a way to confirm its trade details are ready before filing a shipping bill, importing goods, or receiving an export payment. Anyone applying for one for the first time can find the process laid out in the guide on <a href="https://www.skydo.com/blog/iec-code-registration">how to apply for an IEC code online</a>.

What is the Importance of IEC Verification?

IEC verification matters because it confirms trade identification details are valid and current, and skipping it tends to surface as problems at customs, in export documentation, or in payment processing later.

<a></a>How To Verify an IEC Code: A Step-By-Step Guide

There are two ways to verify an IEC code online. The first is on the DGFT portal, which is the source of the IEC record itself. The second is on ICEGATE, which shows the IEC as it stands in the Customs system.

<a></a>Method 1: How To Verify IEC Code on DGFT

Verifying an IEC on DGFT means running the IEC status enquiry: enter the requested IEC and identification details, complete the captcha, and submit.

DGFT is the right place to verify at source, and ICEGATE's own FAQ points users back to DGFT for checking the status of IEC registration on the DGFT end.

This check works the same way whether it's your own IEC or someone else's. For your own code, being logged in also opens up the IEC management and updating functions.

Read more about <a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online">How to get FIRC certificate online</a> here.

Method 2: How To Verify IEC Code on ICEGATE

Checking an IEC at Customs means using ICEGATE's IE Code/BIN Status enquiry, which pulls up the IEC information as it stands in the Customs system. ICEGATE's own documentation names Check IE Code/BIN Status as the correct enquiry for this.

ICEGATE 2.0 runs its enquiry services through the portal, and access depends on the enquiry type and how a user is routed in. The current ICEGATE enquiry manual lists Check IE Code/BIN Status as open to all users.

ICEGATE's official FAQ notes that this enquiry can display IEC details, branch information, and current Customs status.

For a newly issued or recently amended IEC, it's worth checking both DGFT and ICEGATE before filing a shipment. That gives both systems time to reflect the update and avoids a scramble at the last minute.

What Does Each IEC Status Type Mean for Exporters?

IEC status types indicate whether a code is active, still being processed, rejected, deactivated, or synced with Customs, and each one requires a different action.

DEL is the one to take seriously. It flags an actual compliance or enforcement problem, and trade doesn't resume until that's cleared up with DGFT.

A freshly issued or recently updated IEC can also lag a bit before it shows correctly everywhere. A short delay right after a change isn't the same thing as an invalid code.

What Are the Common IEC Verification Errors and Fixes?

The major reasons for the IEC verification errors are wrong IEC or PAN details, delay in transmission, deactivation, or mismatch in the business information.

If the IEC isn't found at all, start with the basics: recheck every digit before assuming something's wrong at DGFT's end. If it still doesn't show up after that, verify directly through DGFT rather than assuming the code has been cancelled.

A PAN mismatch likely means incorrect PAN information linked to the IEC. Check the profile and correct it through DGFT.

Transmission delays are common enough right after issuance or an amendment that they're not usually a cause for concern on their own. Check again after the normal processing window, and if it's still stuck, look at the ICEGATE registration and contact support.

A deactivated IEC almost always traces back to a missed annual update. Complete it through DGFT, and under the Foreign Trade Policy, the code can be reactivated once the update goes through, without prejudice to any other action that might apply separately.

Anything technical that can't be resolved through the portal itself goes to DGFT or ICEGATE support directly.

How Does Skydo Help Once You Have an IEC?

Skydo brings payment collection and its related paperwork into one workflow, which cuts down the back-and-forth that usually follows an export transaction.

Read more about how <a href="https://www.skydo.com/">Skydo</a> works here.