As an Indian exporter, navigating the complexities of international transactions and compliance can feel like solving a complex puzzle. Today, we'll explore a crucial piece of that puzzle: FIRC

FIRC full form is Foreign Inward Remittance Certificate. It is a document issued by banks as proof of receiving international payments. Over the years, regulations around FIRC have changed significantly, creating confusion and mystery around this important document. Let's clear the air and decode the what, who, and why of FIRC.

FIRC or Foreign Inward Remittance Certificate serves as a proof of foreign money transfer for exporters in India. Until 2016, <a href="https://rbidocs.rbi.org.in/rdocs/FEMAMASTER/PDFs/1061.PDF">AD (Authorised Dealer) Category I Banks</a> were authorised to issue FIRCs to exporters for receiving payments from foreign sources. This document was essential for exporters to obtain after each cross-border payment. It served not only as proof of payment receipt but also as a crucial document for claiming export-related incentives, such as tax exemptions on foreign currency payments received in India.

As we've covered, the full form of FIRC is Foreign Inward Remittance Certificate and for a long time it served as proof of export income from abroad. However, with changing regulations, the function of FIRC has also changed significantly. Let's take a look:

FIRA is often still referred to by its old name, FIRC. While both documents serve the same purpose, FIRC is technically only issued for returns on&nbsp;Foreign Direct Investment (FDI )or Foreign Institutional Investment (FII). For all other export collections, FIRA/BIRC is what you need.

For clarity, we'll use the term FIRC moving forward, but it refers to FIRA throughout.

Anyone receiving foreign payments needs FIRC.&nbsp; Beyond goods and service exporters engaging in international trade, many individuals and entities may receive international payments without realising it.&nbsp;

Overall, the following typically require a FIRC:

Beyond compliance, here’s why FIRC is crucial for exporters:

FIRCs are issued by AD Category I banks. You can contact your bank to get your FIRC after receiving your foreign payment. <a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online">Alternatively, you can also use platforms like Skydo to get your FIRC instantly after every payment.&nbsp;</a>

Who Needs FIRC and Why It’s Important for Exporters?

FIRC (Foreign Inward Remittance Certificate) is essential for anyone receiving foreign payments, including:

Exporters, in particular, rely on FIRC for two key reasons:

FIRC is issued by Authorized Dealer (AD) Category I banks, and businesses can obtain it directly from their bank. However, it is usually a cumbersome process requiring multiple follow-ups and most banks charge around INR 500 to issue each FIRC.&nbsp;In contrast, platforms like Skydo offer a fast, hassle-free solution, providing an instant FIRC for free after every foreign payment—no manual requests, no extra costs.

This is a sample FIRC document. All crucial remittance details have been masked for security purposes. Now let’s break the content of a FIRC down: 

Receiving your export payment directly through your bank can make obtaining an FIRC a lengthy process. You need to submit a request to the bank, and the bank typically takes 7-15 days to provide the FIRC. You may also need to follow up multiple times, and banks often charge at least INR 400 to issue the FIRC, depending on the institution.

<a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online">Getting a FIRC</a> might sound like a hassle, but with Skydo, it's a breeze. Our fully automated payment system along with built-in partnerships with banks, ensures effortless compliance with RBI guidelines, without needing any manual intervention.

When you receive an export payment through Skydo, we automatically generate the required FIRC for you at no extra cost. Just log into our user-friendly dashboard, and you'll find your FIRC ready to download, complete with all the details you need. 

In conversations around FIRC, there are a few more terms that get frequently mentioned, one of them being eFIRC. So what exactly is <a href="https://www.skydo.com/blog/efirc-firc-brc-essentials-differences">eFIRC?</a>

What is the difference between eBRC and FIRC?

Generally speaking, e-BRC applies mostly to goods and software exporters (under <a href="https://stpi.in/en/home?no_follow=true/">STPI</a>). If you are one of them, you can use this simple decision tree to understand which documents you will need:

Exporting goods and services is considered Zero-Rated Supply, meaning it is subject to 0% GST. However, to claim a GST refund for the input tax credit, exporters must provide the required documents including FIRC. These documents authenticate that the business is claiming a refund because it exported services and couldn't offset its input tax credit as it would in normal domestic business. Without FIRC, claiming a GST refund may not be possible

As we surge in cross-border transactions, ensuring compliance and safeguarding against illicit activities has become a pressing concern. However, at Skydo, we believe your focus should be on advancing your business, not on grappling with compliance challenges.

With Skydo, enjoy seamless international payments, delivered promptly and without any hidden fees. But that's just the beginning! Every time you receive a cross-border payment, an auto-generated FIRC is readily available for you to download, relieving you of compliance burdens so you can devote your energy to what truly matters: driving your business forward.

FIRC full form is Foreign Inward Remittance Certificate. Learn what FIRC is, its importance for exporters and freelancers, and how to obtain it easily

FIRC: Full form, meaning and RBI guidelines

Dive into the world of FIRC. Explore the full form, importance, and process of obtaining FIRC for your international transactions

Foreign Inward Remittance Certificate (FIRC): Full form, meaning and RBI guidelines

Prashanth

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Prashanth Kumar

The most experienced entrepreneurs in the export industry maintain airtight documentation to stay compliant with the regulatory requirements. One such critical document is the Bank Realisation Certificate (BRC). If you're new to the export business, understanding BRC could be tricky. This blog post will make things easier for you. We have dived deeper into the meaning of BRC, its applicability to your business when the bank issues it, how to download BRC and more.

What is a Bank Realisation Certificate (BRC)?

A Bank Realisation Certificate (BRC) proves you have received payment from an international buyer for exporting your goods or providing services. Your bank issues BRC, but there are a series of steps before that. It starts with reporting the value of goods you want to export to your bank. Your bank will record the transaction in the Export Data Processing and Monitoring System (EDPMS). After you receive the payment and submit all the shipping bills to the bank, they will close the transaction on EDPMS and issue BRC.&nbsp;

You must maintain a record of all the BRC to establish the credibility of your export earnings. In addition to acting as proof of payment, it’s also useful to an exporter to claim incentives and various export benefits.

Till 2012, the entire process of BRC was manual and time-consuming.<a href="https://www.skydo.com/blog/what-is-e-brc"> e-BRC</a> (Electronic Bank Realisation Certificate) is the digitised version of the process which is more efficient and convenient for both the banks and exporters. Before e-BRC, you had to visit the bank to collect the physical form of BRC and then hand it over to the Directorate General of Foreign Trade (DGFT) regional authority to claim export benefits. Instead of a physical BRC, banks issue an e-BRC and directly upload it to the DGFT server. Once all the details are verified by DGFT, you can download the e-BRC.

BRC is mandatory for sellers exporting goods and software products where shipping bills or SOFTEX forms are involved. Shipping bills are documents submitted to customs to get their clearance and load the goods for export. It includes information about the goods like quantity and cost. SOFTEX forms are mandatory for companies engaged in the export of software or services related to it.&nbsp; But if you’re a freelancer or export services that do not include shipping bills or SOFTEX forms, you don’t need to create a BRC.

BRC serves two main purposes: to comply with the DGFT regulations and to claim export benefits and incentives.

The DGFT regulations mandates exporters to create a BRC as evidence that they have received payment from an international client. This ensures that your foreign earnings are documented and reported to the government.

With the BRC, you can claim incentives under Merchandise Exports from India Scheme (MEIS) or<a href="https://www.skydo.com/blog/seis-guide"> Service Exports from India Scheme (SEIS)</a>. Under both schemes, you are allotted duty credit scrip that you can use to offset costs such as customs duties or central excise duties. The value of the credit scrip is 2%-5% of your free-on-board value in the case of MEIS and 3% to 5% of the net foreign exchange in the case of SEIS.&nbsp;

After you receive payment from your overseas client for the export, you need to obtain a<a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide"> Foreign Inward Remittance Advice (FIRA).</a> The FIRA mentions all the payments you have received from foreign countries for exports, freight, consultancy etc. Submit the FIRA to your bank; the bank will verify the payment details and match them with the exported goods using the shipping bill or SOFTEX form as a reference. Upon successful validation, the bank issues the e-BRC.&nbsp;

Here’s what happens after the e-BRC is issued:

Which Documents Are Required for a Bank Realisation Certificate?

You will need the following documents for the Bank Realisation Certificate:

How do you download the Bank Realisation Certificate?

This is the format of the e-BRC downloaded from the DGFT website. All the information is electronically filled out by the bank and sent to DGFT.

How to use your Bank Realisation Certificate to claim Incentives?

Here's a step-by-step process to use BRC to claim incentives for the export of goods to an overseas buyer:

It's also worth checking if the bank has submitted an error-free e-BRC which reflects the consolidated realisation value. Also keep in mind that you must enter freight values, insurance and commission values in the refund application, as the e-BRC excludes such values

Compliance sits at the centre of any export business. The high level of regulatory compliance ensures transparency in foreign trade transactions and prevents suspicious activities like money laundering. This protects the reputation of both the exporter and the financial institutions involved.

The Indian government is continuously working towards improving the current e-BRC system and making it more streamlined. The<a href="https://www.skydo.com/blog/e-brc-update"> e-BRC update of 2023</a> was a significant step towards achieving the goal. The enhanced e-BRC system allows exporters to self-certify their e-BRCs based on the Inward Remittance Messages (IRMs) sent to the DGFT server by the bank. Using your 10-digit alphanumeric IEC code, you will log in to the DGFT website to match the IRM details with the shipping bills or invoices. If they are accurate, you can go ahead and create the e-BRCs. This move will cut down both the processing time and operational costs and make the process more simple and transparent.

BRC is essential for businesses exporting goods and software covered under Softex. But if you don’t fall into this category, a<a href="https://www.skydo.com/blog/efirc-firc-brc-essentials-differences"> Foreign Inward Remittance Advice (FIRA)</a> is good enough to prove the receipt of payment from an international client.<a href="https://www.skydo.com/blog/how-to-get-firc-certificate-online"> Generating a FIRA is effortless with trusted platforms like Skydo.&nbsp;</a>

Skydo allows you to receive international payments to your bank account at an upfront cost with no hidden fees. As and when an overseas payment gets credited to your bank account, an auto-generated FIRA is available for you to download.

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Bank Realisation Certificate 

Whether you’re sending money back home or paying a remote employee, you’ll need either an IFSC code or a SWIFT code based on where you’re transferring the funds. Both codes ensure a secure and standardized way to transfer money between accounts, but they’re NOT the same. Let's break down the key differences between SWIFT and IFSC codes.&nbsp;

Difference between SWIFT Code and IFSC Code: Explained

<a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">SWIFT code </a>is a unique 8- or 11 character alphanumeric code that is assigned to banks and financial institutions. The SWIFT code in a standardized format contains essential details about the country, location&nbsp;and branch of a bank.&nbsp;

Here is the breakdown of two SWIFT codes for a better understanding:&nbsp;

SBININBB101: This unique code refers to the State Bank of India’s Mumbai office. "SBIN" is the bank code, "IN" stands for India, "BB" indicates Mumbai, and "101" denotes the branch in a specific locality.&nbsp;&nbsp;

DEUTDEFF500: This SWIFT code belongs to Deutsche Bank's Frankfurt branch in Germany. "DEUT" represents the bank, "DE" is for Germany, "FF" signifies Frankfurt, and "500" indicates the specific location of the bank branch at Bad Homburg, a town in the Frankfurt region.&nbsp;&nbsp;

A SWIFT code is used to identify banks globally and is crucial for secure international money transfers.

When your overseas client makes a SWIFT payment, they’ll need your bank’s SWIFT code. The sender’s bank will then send a secure SWIFT message to your domestic bank. Once your bank i.e. recipient bank receives the message, it processes the payment and credits the money to your account.&nbsp;Make sure to share the details of the correct bank and branch to ensure hassle-free transfers.

Know more about how to do a SWIFT transaction <a href="https://www.skydo.com/blog/swift-money-transfer-ultimate-guide" target="_blank">right here</a>.

Here’s how you can find your bank’s SWIFT code:&nbsp;

Bank Statements/Passbooks: Check your printed or online bank statements.

Bank Website: Visit your bank’s official website—SWIFT codes are often in the foreign transaction or FAQ section.

Mobile App: Some banks display their SWIFT code in their apps.

Local Branch: Ask for the SWIFT code in person at your bank branch.

Customer Service: Call your bank’s customer service to get the SWIFT code.

You can also find the <a href="https://www.skydo.com/swift-code-finder">SWIFT code for your bank right here.&nbsp;</a>

IFSC, or the Indian Financial System Code, is an 11-digit code with alphanumeric characters, that uniquely identifies each bank branch in India. It's essential for online transfer of funds via NEFT, RTGS, and IMPS, ensuring accurate identification of both the sending and receiving bank branches for smooth transactions.

Each bank branch in India has its own unique IFSC code. Here's what it signifies:

Here is the breakdown of two IFSC codes for a better understanding:&nbsp;

ICIC0000837: This unique code refers to ICICI Bank’s Park Street office in Kolkata. "ICIC" is the bank code, the fifth character of, 0 is for future use and the last 6 characters, 000837 denote the branch code.&nbsp;

HDFC0000053: This unique code refers to HDFC Bank’s Koramangala office in Bangalore. "HDFC" is the bank code, the fifth character, 0,&nbsp;is for future use and the last 6 characters, 000053 denote the branch code.&nbsp;

The IFSC code is essential for domestic fund transfers between bank accounts in India through RTGS and NEFT systems. Every time you send money to another bank, you'll need the beneficiary's bank name, account number, and IFSC code. It's a simple yet crucial part of making sure your funds reach the right account.

Here’s how you can find the IFSC code of your specific bank branch:

Cheque Book: You can find your bank’s IFSC code on the top left of your cheque leaf, just below the bank’s address.&nbsp;

RBI Website: You can also visit RBI website and enter your bank’s name and branch to get its IFSC code.&nbsp;

Bank Wesite: You can also visit the respective bank's website to know the IFSC code of your branch.&nbsp;

Yes, the BIC (Bank Identifier Code) is the same as the SWIFT code. Both are used interchangeably and are used globally for international transfers.&nbsp;

Receive international payments Swiftly and seamlessly with Skydo

While SWIFT is the standard for cross-border payments, its high fees and slow processing times drive businesses toward better alternatives. Skydo offers a smarter solution with free <a href="https://www.skydo.com/blog/virtual-account-numbers" target="_blank">virtual accounts </a>in key regions like the US, UK, Europe, and more. These accounts allow businesses to receive payments via local transfers, bypassing costly SWIFT fees and delays.

For example, a US client can send a local transfer to your US virtual account, and Skydo consolidates and transfers the funds to India at live forex rates, ensuring full value. The money reaches your Indian bank account within 48 hours—faster, cheaper, and more transparent than SWIFT. Switch to Skydo today!

Are the IFSC and SWIFT codes the same? What you need to know

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Navigating compliance requirements for Indian exporters can be confusing, especially with overlapping concepts like FIRC, FIRA, eFIRC, and BRC. In this blog, we'll break down what each of these terms means and how they differ.

FIRC or its full form <a href="https://www.skydo.com/blog/all-you-need-to-know-about-firc-a-complete-guide" target="_blank">Foreign Inward Remittance Certificate</a>, is a document issued by banks as proof of receiving international payments. Until 2016, as per RBI regulations AD Category I Banks were authorised to issue FIRCs to exporters for receiving international payments.

For exporters, it served not just as a proof of foreign transfers but also as a key document for claiming export-related incentives, like tax benefits and Duty drawbacks.

In 2016, the Reserve Bank of India introduced the <a href="https://edpms.rbi.org.in/edpms/faces/pages/login.xhtml" target="_blank">Export Data Processing Management System (EDPMS</a>) to digitize and streamline all export-related data. With this shift, the RBI updated its <a href="https://fedai.org.in/pdf/Circular%20Letter%20No_16_2016_17_OCT_FAQs_EDPMS.pdf" target="_blank">guidelines,</a> instructing banks to stop issuing FIRCs (Foreign Inward Remittance Certificates) for foreign currency received against the export of goods. Instead, banks now provide FIRAs (Foreign Inward Remittance Advice) for export collections.

You might come across different terms like FIRA, FIRS (Foreign Inward Remittance Statement), depending on your bank. But don't worry, they all serve the same purpose. Along with proving that you’ve received foreign payment from international clients, FIRAs are crucial for closing EDPMS, receiving export-related benefits and claiming GST refunds.

Authorities still issue FIRCs, but only for specific financial transactions, such as receiving Foreign Direct Investment (FDI) or Foreign Institutional Investment (FII). So, if you're receiving returns from foreign investments, you'll still need a FIRC from your bank.

FIRA is often still referred to by its old name, FIRC. While both documents serve the same purpose, FIRC is technically only issued for returns on <a href="https://www.icicibank.com/business-banking/capital-account-services/fdi" target="_blank">Foreign Direct Investment</a> (FDI )or Foreign Institutional Investment (FII). For all other export collections, FIRA is what you need.

As an exporter, or someone stepping into the world of exports, there's another term you’ll want to understand: eFIRC. At first, it might seem like just the digital version of FIRC or electronic FIRC, and you may even come across platforms that refer to digital FIRA or FIRC as eFIRC. However, that interpretation isn’t entirely accurate. Let’s take a moment to clarify what eFIRC actually is:&nbsp;

Let’s break this down with an example:

Imagine you export handicrafts overseas and have accounts with two banks in India, Bank A (your main bank) and Bank B (secondary bank). You use your main bank, Bank A, to handle your export paperwork. However, you receive the foreign payment in your secondary account with Bank B. Bank A has proof that you exported goods, but no record of the payment being received.

An eFIRC acts as the go-between in this scenario. Bank B, which received the payment, will issue an eFIRC for Bank A to close the Shipping Bill (for goods) or SOFTEX (for other transactions) on EDPMS. Bank A can then view the eFIRC number on the EDPMS platform and close the record. After this, the eBRC will be generated.&nbsp;

While talking about eFIRC, we discussed how exporters need to submit their export details and documents to update their EDPMS records and receive an eBRC. Now, let's dive into what a bank realisation certificate or BRC  is.

BRC or its digital version <a href="https://www.skydo.com/blog/what-is-e-brc" target="_blank">eBRC</a> is another important regulatory compliance document that is relevant for exporters, particularly goods and software exporters covered under SOFTEX. e-BRC is a digital certificate issued by a bank that serves as proof that an exporter has received payment against the specific goods or services sold abroad. e-BRC makes it easier to demonstrate your earnings, access government benefits, and file taxes.&nbsp;

So, now it begs the question: what is the difference between BRC and FIRC? Both of them seem to serve the same purpose of being proof of international payments. Now, while there’s some truth to it, there are some key differences between the two:

We understand that navigating through these complex compliance requirements can be a challenge even for the most seasoned exporters. This simple decision tree will help you understand which documents you will need under different circumstances.&nbsp;

eFIRC, FIRC and BRC: Understanding the Key differences

We have gone through each of the three concepts individually to get a better grasp of them. Now let’s quickly compare the three to understand how exactly they are different from each other:

With cross-border trade on the rise, staying compliant and secure is more important than ever. But at Skydo, we want you to focus on growing your business, not stressing over compliance.&nbsp;

With Skydo, enjoy seamless international payments, delivered promptly and without any hidden fees. But that's just the beginning! Every time you receive a cross-border payment, an auto-generated FIRA is readily available for you to download, relieving you of compliance burdens so you can devote your energy to what truly matters: driving your business forward.

eFIRC, FIRC, BRC: Understanding Essentials and Differences

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Export promotion schemes are government programs designed to help businesses sell their products and services in international markets. They offer several benefits to these businesses, like:

There are many such export promotion schemes in India, but most exporters are not taking advantage of these schemes. If you run an agency, SaaS company, MSME or are a freelancer with a strong ambition to grow your business globally, this blog is for you.

In this blog, we will explore the export incentives that matter in 2025 and how to use them for your business.

First: Are You an Exporter? (Most People Don’t Realise They Are)

Let's clear this confusion before we go ahead.

The simplest way to find out if you're an exporter is this: If you’re billing international clients in foreign currency, you’re exporting, even if you don’t ship physical goods.

If any of these sound like you, or even come close, you’re an exporter. In this blog, we’ll break down the top export promotion schemes available, so you can find the ones that apply to you and maximise the benefits for your business

RoDTEP (Remission of Duties and Taxes on Exported Products)

What it is: This is relevant for goods exporters only.<a href="https://www.skydo.com/blog/rodtep-scheme-rates-notifications-and-benefits"> RoDTEP</a> refunds embedded taxes and duties that are not reimbursed under any other scheme. For example, fuel tax paid at the time of transport of goods

Who can use it: Large manufacturers and MSMEs in the D2C, crafts, and electronics space can benefit from this scheme. Exporters working from SEZ or EOU areas are also covered. However, digital service exporters aren't covered currently

How to apply: Apply via<a href="https://www.icegate.gov.in/"> ICEGATE</a> during shipping bill filing

Coverage: For FY 2025–26, the scheme includeexport-promotion-schemess 10,780 product categories for Domestic Tariff Area (DTA) exports, covering items like freshwater ornamental fish and natural honey, and 10,795 categories for AA, EOU, and SEZ exports. The benefit is calculated as a percentage of the Free On Board (FOB) value and is reviewed and revised from time to time.

Disbursement Track Record: According to the same source above, as of March 31, 2025, total disbursements under RoDTEP have crossed Rs. 57,976.78 crore

RoSCTL (Rebate of State and Central Taxes and Levies)

What it is: This is best suited for apparel and textile exporters.<a href="https://www.skydo.com/blog/rosctl-scheme-benefits-eligibility"> RoSCTL</a> intends to provide a rebate on embedded taxes and make the Indian textile exports more competitive

Who can use it: This is applicable only for exporters of Apparel (Chapter 61 &amp; 62 of<a href="https://www.dgft.gov.in/CP/?opt=itchs-import-export"> ITC-HS codes</a>), like men's and boys' overcoats,&nbsp; and Made-ups (Chapter 63), like curtains and interior blinds.&nbsp;

Rate Structure: It ranges between 1.7% to 6% of the FOB value

Eligibility: Exporters must apply for the scheme within one year of the shipping bill

How to apply: You can apply for benefits under the RoSCTL scheme from the DGFT website. Remember, you need to have a valid IEC and GSTIN before applying

Cannot combine with RoDTEP: Exporters cannot claim benefits under both RoSCTL and RoDTEP schemes for the same exports.&nbsp;

What it is: This is available to MSMEs and exporters in select sectors. The<a href="https://www.skydo.com/blog/interest-equalisation-scheme-in-india"> Interest Equalization Scheme (IES)</a> provides pre and post-shipment credit to exporters at a subsidised interest rate. It reduces the cost of borrowing and gives them easy access to credit.

Current Status: The scheme has been extended multiple times and is currently available only for MSME manufacturers and exporters with benefits capped at<a href="https://resources.probe42.in/regulatory-updates/rbi-circulars/ies-pre-post-shipment-credit/"> Rs 50 lakhs for FY 2024-25</a>

Sector-Specific Coverage: The scheme covers<a href="https://mpeda.gov.in/exporters/?page_id=1840"> 410 identified tariff lines</a> for general exporters at 2% interest subsidy, while MSME manufacturers get 3% subsidy across all HS lines

How to apply: Head over to the DGFT website. Choose “Interest Equalization Scheme” from the Services dropdown. Click on “Start Fresh Application” and then follow the steps to fill it out.&nbsp;

Recent Disbursement: From April 2023 to November 2024, the government disbursed Rs.<a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/exporters-demand-extension-of-interest-equalisation-scheme/articleshow/117854391.cms?from=mdr"> 2,641.28 crore</a> from the allocated budget of Rs. 2,932 crore.

What it is: This Export Credit Guarantee Corporation (ECGC) export credit insurance scheme protects Indian exporters from buyer defaults, delays, and political risk. This minimises the risk for freelancers and MSMEs entering international markets and guarantees compensation to them if the buyer defaults.

Coverage Percentage: ECGC typically pays 80-90% of the loss incurred by exporters

How to apply: You can apply for a claim from the <a href="https://www.ecgc.in/">ECGC website</a> or go through authorised agents

Claim Timeline: Claims must be lodged within<a href="https://main.ecgc.in/wp-content/uploads/2023/12/Domestic-Credit-Insurance-Policy.pdf"> 360 days from the due date of the bill or 540 days</a> from policy expiry, whichever is earlier

&nbsp;MSME Market Development Assistance (MDA)

What it is: Reimbursement on expenses for participating in international trade fairs, buyer-seller meets, and even foreign marketing collateral. The scheme covers both physical and virtual participation.

Who can use it: Freelancers and agencies can claim marketing costs when expanding overseas.

How to apply: They can apply through the<a href="https://www.dcmsme.gov.in/"> DC-MSME</a> or the export promotion councils at least 14 days before the event

Rate Structure: Financial assistance varies by the region. For developed countries, the rate is up to Rs 2.50 lakh, Rs 2.00 lakh for developing countries, and Rs 1.50 lakh for SAARC countries

Annual Event Limit: Companies can avail MDA benefits for only three events per year. Coverage is limited to one representative per company for foreign participation

Special Categories Support: Women entrepreneurs from the Northeastern regions or SC/ST category do not have to pay rent in the event.&nbsp;

What it is: Targeted at startups and digital services exporters, the Market Access Initiative (MAI) scheme covers costs for international market access like PR, trade visits, certifications, and market research. Startups can access it via DPIIT or the Startup India Hub

Covered activities: Includes marketing projects abroad, capacity building, statutory compliance support, market studies, project development, and foreign trade facilitation

How to apply: You can register your business on the <a href="https://www.startupindia.gov.in/">Startup India</a> portal. You can apply for the MAI scheme with the help of the respective Export Promotion Council (EPC) or trade body relevant to your product

Limit: You can participate in up to 3 MAI events in a year

Here's a quick snapshot of these schemes and what benefits they offer

Discontinued but Frequently Searched Export Promotion Scheme: SEIS &amp; MEIS

The following two export schemes have been discontinued. However, due to their popularity, they are frequently searched by exporters. We included these schemes to let you know what they offered, when they were discontinued, and which new schemes have almost replaced them.

SEIS – Service Exports from India Scheme

Status: Discontinued after FY2019–20.

What it offered: The<a href="https://www.skydo.com/blog/seis-guide"> Service Exports from India Scheme (SEIS)</a> provided incentives typically in the range of 3–7% of net foreign exchange earned to service exporters, including IT, marketing, and consulting. The scheme offered duty credit scrips, which the service providers could use to cover various duties and taxes.

Who benefited: Many freelancers, SaaS founders, agencies, and independent consultants were able to claim these rewards for exporting services.

Why it mattered: SEIS was a major support for small and mid-sized service exporters to help them reduce costs and improve global competitiveness.

Current situation: The scheme has not been renewed, and there is no direct replacement for service exporters. However, some gaps are partially filled by the Market Access Initiative (MAI), Interest Equalization Scheme (IES), and startup-focused programs.

What to do now: Service exporters should explore MAI support for marketing and certifications. They must check the eligibility for Startup India benefits and IES for any export-linked credit needs.

MEIS – Merchandise Exports from India Scheme

Status: Replaced by RoDTEP in 2021.

What it offered: The Merchandise Exports from India Scheme (MEIS) provided incentives typically between<a href="https://worldtradescanner.com/MEISApp3BTable2.pdf"> 2% to 5%</a> to goods exporters based on the destination country and product category. Like SEIS, the exporters were offered scrips usable for paying customs duties.

Who benefited: MSMEs, D2C brands, and traditional exporters of physical goods.

Key difference: In MEIS, the incentive was calculated as a certain percentage of export pricing, which the exporter could use to pay off import duties. With RoDTEP, the exporters can use the credit scrips to pay for embedded taxes and nothing else

What to do now: Exporters should focus on RoDTEP for goods exports and ensure proper documentation during shipping bill filing to claim benefits.

Documents You’ll Always Need to Claim Benefits

The exact documents will depend on the scheme you're applying for. Having said that, the following basic documents are almost always needed:

IEC (Importer Exporter Code): The<a href="https://www.skydo.com/blog/iec-code-apply-online"> Importer Exporter Code (IEC)</a> is a 10-digit code issued by the<a href="https://content.dgft.gov.in/Website/DGFT%20-%20IEC%20Module%20User%20Help%20File.pdf"> Directorate General of Foreign Trade (DGFT)</a> for anyone involved in exporting or importing goods and services from India. It is essential for customs clearance, receiving foreign payments, and applying for export incentives. You can apply for an IEC online through the DGFT portal by submitting documents such as your PAN, certificate of incorporation, address proof, and bank details. Typically, the IEC is processed within 1–2 working days

FIRA (Foreign Inward Remittance Advice): The<a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance"> Foreign Inward Remittance Advice (FIRA)</a> is proof that you have received a foreign currency payment into your Indian bank account. It contains important details, like the beneficiary’s name, amount received, currency, sender information, and the purpose of the remittance. The FIRA helps you to stay compliant with the regulatory requirements and claim export incentives

eBRC (Electronic Bank Realization Certificate): The<a href="about:blank"> Electronic Bank Realization Certificate (eBRC)</a> is a digital certificate issued by banks confirming that payment for exported goods or services has been received in foreign currency. Banks upload the XML file of the eBRCs directly to the DGFT portal. The DGFT confirms the details and notifies the bank after successful verification. You can later log in to the DGFT website, check the eBRC status, and take a printout when it's ready

How MSMEs Can Apply Without Getting Overwhelmed

The process of applying for benefits under different export incentive schemes can be overwhelming. Especially if you're doing it for the first time. So, here's a step-by-step guide to help you with the process:

Many inexperienced exporters also hold themselves back from claiming benefits under these schemes due to certain misconceptions. We have gathered the most popular ones to set the record straight

&nbsp;State-Level Export Incentives (Hidden Gems)

Many Indian states offer export incentives to help local businesses grow globally. These incentives are offered in the form of marketing grants, interest subsidies, and website reimbursements. Here are a few examples:

To know if your state offers similar export incentives, try out this simple step: Search “[Your State] + MSME export incentive” or visit the Industries Department website.

Make the Most of your Export Payments with Skydo

Export incentives are designed to make Indian businesses more competitive globally, but they’re only part of the picture. A lot of exporters still lose money while receiving their payments because of SWIFT charges, delays, and poor exchange rates.

We help Indian exporters,&nbsp; from large companies to sole proprietors, receive international payments with no hidden fees or delays. You get virtual accounts in major currencies, live exchange rates, automated FIRA, GST-compliant invoicing, and real-time tracking. All with one flat fee.

If you're already making the most of export incentives, it’s time to fix how you get paid too.

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Export promotion schemes of India

A Vostro account is a bank account in Indian Rupees that an Indian bank holds for a foreign bank. It helps process international payments coming into India.

You don’t need to open or manage one yourself, but every time a client from abroad pays you, a Vostro account might be quietly working in the background. It affects how quickly you get paid, how much you lose in fees, and how easy it is to get compliance documents like FIRA or e-BRC.

In this blog, we’ll break it down simply, what a Vostro account is, how it works, and why it matters if you get paid from international clients.

“Vostro” is a Latin word, meaning “yours.”&nbsp;

In banking, a Vostro account is an account that a domestic bank in India maintains on behalf of a foreign bank, in Indian Rupees, to settle international payments. So it is essentially "your account" in "my bank". A Vostro account makes it possible for international clients to pay Indian freelancers, exporters, or businesses directly in INR.&nbsp;

Why Vostro Accounts Matter for Indian Exporters, Freelancers and MSMEs

Vostro accounts allow Indian banks to hold foreign payments on standby. Instead of going through multiple intermediate banks (which delays transfers), the funds move directly into your INR account, reducing settlement time and uncertainty.