When Indian manufacturers receive international payments through Marteu using Stripe’s connected account, compliance with Indian regulations is crucial. One of the most important compliance requirements is obtaining a Foreign Inward Remittance Certificate (FIRC), which serves as proof of foreign currency payments received in India.
Overview
In this guide, we’ll walk you through the steps for Indian manufacturers to comply with FIRC requirements. Since Stripe partners with Citibank in India, the process will involve coordinating with them via email to request the Payment Advice.
Steps to follow
Prerequisite: Ensure that you have connected your bank account in Marteu to start selling. Your products will not be visible to buyers in the marketplace until this step has been completed.
- Transaction Confirmation: Once a payment is received from Marteu into your Stripe connected account, Stripe will handle the conversion and transfer of foreign funds to your Indian bank account. Marteu covers the conversion fee.
- Request a letter from your bank for the issuance of an FIRC/Advice addressed to Citibank, including the transaction reference (UTR) details and a valid purpose for the issuance of the FIRC/Advice.
- Send an Email to Citibank for FIRC Request: Since Stripe partners with Citibank in India, you’ll need to send them an email to receive a Payment Advice for your received payments. Below you’ll find the information to be sent and a sample email template to initiate the FIRC request process.
- Send email to: ftu.firc@citi.co
Add the following details about your company in the email:
- Stripe Account ID
- Bank account number connected to the Stripe account 4 final numbers:
- Email address linked to the stripe account.
- Business Name/Legal Entity Name:
- Importer-Exporter Code (IEC):
Transaction Details to include:
- Remitter Name
- Remitter Address
- Remitter Country
- Remitter Bank Name
- Remitter Bank Address
- Foreign Currency Amount
- CCR
- Foreign Bank Ref No. (if Any)
- SWIFT Code of Foreign Bank
- Any other details that might seem relevant to you
Attach the following documents:
- Letter from your bank for issuance of FIRC/Advice addressing to Citi, including the transaction reference (UTR) details and a valid purpose for the issuance of the FIRC/Advice.
- The charges for issuing an Advice are INR 826.00 per Advice. These charges should be paid via NEFT to the account details provided below:
- Account Name: PayPal Charges Citibank Transit Account
- Account Number: 8429847
- IFSC Code: CITI0100000
- Branch: Mumbai
- If the purpose of payment is related to Investment/FDI, Citibank requires an Equity Declaration/FCTRS declaration from the customer.
- Citibank A/c name: PayPal Charges Citibank Transit account
- A/c No: 8429847
- IFSC CODE: CITI0100000
- Branch: Mumbai
- Provide the complete address of your branch for dispatching the Advice.
- Submit the documentation to the nearest Citibank branch for processing and issuance.