would need to be
declared on a Foreign Inward Remittance Certificate ("FIRC").
23. Three months latter, on 15th December 2006, Hunjan asked
Balwani ... firm, CK Chartered Accountants. On
30th June 2007 HSBC Bank issued a FIRC for these remittances of
£ 92500. The FIRC categorically states that the purpose
would need to be
declared on a Foreign Inward Remittance Certificate ("FIRC").
23. Three months latter, on 15th December 2006, Hunjan asked
Balwani ... firm, CK Chartered Accountants. On
30th June 2007 HSBC Bank issued a FIRC for these remittances of
£ 92500. The FIRC categorically states that the purpose
petitioner submitted a detailed reply
along with attested copy of the FIRC (Foreign Inward Remittance
Challan) dated 20.03.2020, pursuant to which, the refund
applications ... conclusion that the
Bank Realization Certificates (eBRCs) / Foreign Inward Remittance
Certificate (FIRCs) was not produced by the petitioner during the
proceedings. This finding is factually
proof of foreign transfers to India.
Physical Foreign Inward Remittance Certificate (FIRC)
A physical FIRC may be issued only for inward
remittances covering Foreign Direct ... purposes are only allowed through banking channels as
per RBI guidelines.
Electronic FIRC (e-FIRC)
According to the RBI, AD Category 1 banks must report
kept asking Corsair
Investments LLC to furnish the Foreign Inward Remittance
Certificate (FIRC) for the amount remitted into its account so
33
that the said ... repeated follow-up, the third
respondent - Company did not receive the FIRC and its account
statement depicted that the monies it had received had come
electronic credit and debit ledgers, copy of
Statement 3 and copy of FIRC advice from CITI bank.
Thus, it is clear that they ... invoices, if any, raised by them. Also they had not
produced any FIRC or BRC copies since no invoices
had been raised by them
following grounds-
I. On perusal of the statement 3 and FIRC details, the
refund claim has been filed based on invoices
raised during the relevant ... declared in statement-3 does not tally with the
amount mentioned in FIRC. Hence cannot be considered
as zero-rated supply for the relevant period
following grounds-
I. On perusal of the statement 3 and FIRC details, the
refund claim has been filed based on invoices
raised during the relevant ... declared in statement-3 does not tally with the
amount mentioned in FIRC. Hence cannot be considered
as zero-rated supply for the relevant period
FEMA) and
regulations framed thereunder. In connection therewith, Foreign Inward
Remittance Certificates(FIRCs) were issued by the authorised dealer
(AD)/receiving bank. Such FIRCs indicate ... approval route. The Review Applicants also
referred to and relied upon the FIRCs issued by the Indian Overseas Bank
FEMA) and
regulations framed thereunder. In connection therewith, Foreign Inward
Remittance Certificates(FIRCs) were issued by the authorised dealer
(AD)/receiving bank. Such FIRCs indicate ... approval route. The Review Applicants also referred to
and relied upon the FIRCs issued by the Indian Overseas Bank
