IRM Settlement is mandatory for businesses receiving foreign inward remittances in India. We provide professional IRM Settlement & Purpose Code Correction services across India, ensuring timely RBI compliance, correct purpose code mapping, and smooth closure of inward remittances with banks.
Our expert team coordinates directly with AD banks to resolve pending IRMs, incorrect purpose codes, and FEMA-related compliance issues.
Service Overview
IRM (Inward Remittance Message) is generated when foreign currency is received into an Indian bank account. As per RBI guidelines, every inward remittance must be properly settled with the correct purpose code to ensure FEMA compliance.
We assist with:
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IRM Settlement for pending inward remittances
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Purpose Code Correction (Export / Service / Other receipts)
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RBI and FEMA compliance support
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Bank follow-ups and documentation handling
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Old and overdue IRM settlement cases
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Correction of wrongly reported inward remittance details
Our service ensures your inward remittances are accurately reported and accepted by RBI systems.
Problems We Solve
Many businesses face IRM issues due to incorrect or delayed reporting. We help resolve:
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Pending IRM not settled by bank
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Wrong purpose code reported for inward remittance
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Export proceeds received but not linked correctly
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RBI or bank compliance queries
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FEMA non-compliance risk due to incorrect reporting
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Mismatch between invoice and remittance details
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Old inward remittances pending for years
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Bank refusal due to missing or incorrect documents
We ensure proper IRM settlement and purpose code correction without penalties or operational restrictions.
Our Process
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Review of inward remittance details and bank records
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Identification of correct purpose code as per RBI guidelines
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Documentation preparation and bank coordination
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IRM settlement confirmation and compliance check
Turnaround Time: 3–7 working days (depending on bank and case complexity)
FAQs
What is IRM Settlement?
IRM Settlement is the process of reporting and closing inward foreign remittances with the correct purpose code as per RBI regulations.
Is IRM Settlement mandatory?
Yes. All inward remittances must be settled to comply with RBI and FEMA guidelines.
What is a Purpose Code?
Purpose Code defines the nature of the inward remittance (export, services, investment, etc.) as prescribed by RBI.
Can purpose code be corrected later?
Yes. Incorrect purpose codes can be corrected through proper documentation and bank coordination.
What happens if IRM is not settled?
Non-settlement may lead to RBI scrutiny, FEMA non-compliance, and future banking restrictions.
Do you handle old or complex IRM cases?
Yes. We specialize in old, pending, and high-risk IRM settlement and correction cases.
