Q. With reference to Foreign Inward Remittance Certificate (FIRC) consider the following statements:
1.It is a document issued by the government of India to facilitate the transfer of funds from an Indian bank account to a foreign beneficiary.
2.It contains essential information such as the beneficiary’s name, sender’s details, the amount of remittance, purpose of remittance, and the date of the transaction.
Select the correct statements using the codes given below:
Answer: B
Notes:
Explanation –
Statement 1 is incorrect. FIRC is a document that acts as a testimonial for all the inward remittances entering India. It serves as evidence of money transferred from a foreign country to an individual or organization’s bank account in India.
Statement 2 is correct. FIRC contains essential information such as the beneficiary’s name, sender’s details, the amount of remittance, purpose of remittance, and the date of the transaction.
Source: ForumIAS
