FIRC stands for Foreign Inward Remittance Certificate, while BRC stands for Bank Remittance Certificate
. Both certificates are issued by banks in India to provide proof of foreign currency remittance. However, there are some key differences between the two certificates:
• FIRCs are issued for specific purposes, such as claiming tax benefits or applying for government loans and subsidies whereas BRCs are more generic certificates. BRC is more focused on outflows of money for specific trade-related activities, whereas FIRC deals with inflows of money from foreign sources for a variety of reasons.
• FIRCs must be issued on a prescribed RBI form. BRCs on the other hand are not issued on a prescribed form.
• FIRCs are authenticated by the authorized signatory of the bank. BRCs are not authenticated by the authorized signatory of the bank.