This both BRC and FIRC are important certificate issued by the Authorized bank to the customer who receives funds or trade from foreign countries.
BRC is Bank Realization Certificate that is act as a proof for the foreign export business. The customer who wants to trade under benefits under Foreign Trade Policy requires this document.
Indian Government handle the trade through the departments such us DGFT, RBI, FEMA, Customs etc. This departments check the BRC certificate for foreign trading.
The document consists of following details:
- BRC number and date
- Status of BRC
- Importer Exporter Code (IEC)
- Name of the exporter
- Bank Code (IFSC )
- Invoice ID
- Bill ID
- Shipping bill number, Address, bill date and Currency code (CC)
- Realization date
- Total realized Value in INR
- Name of the origin bank( which transact money)
- City of the origin bank
- Country of the origin bank
How BRC differ from FIRC?
FIRC is similar to BRC. Like BRC, FIRC is Foreign Inward Remittance certificate which is issued by Authorized bank for the transformation of fund from foreign to individual person in India. For more details read below.