BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1 year
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2 years
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3 years
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4 year
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Detailed explanation-1: -FEMA permits receipt of foreign inward remittance by Indian residents either directly or through ADs. Foreign exchange received directly has to be surrendered to ADs within 7 days, except for retention limit of USD2, 000 referred to earlier. 2. Foreign Currency coins can be retained indefinitely without any limit.
Detailed explanation-2: -A Foreign Inward Remittance Certificate or FIRC is a document that acts as proof of inward remittance to India. In other words, if you are an exporter and receive payment in the form of foreign currency, this document will act as proof of that transfer. Obtaining the FIRC is a long process and can take over six months.
Detailed explanation-3: -Goods and service exporters from India, individuals, and organisations working remotely within the country for overseas companies, global sellers, etc., all require a FIRC to prove they have received the payment from the opposite party outside India.