PayPal slashes foreign inward remittance certificate fee by 50%

New Delhi: Payments platform PayPal on Wednesday said it has reduced the Foreign Inward Remittance Certificate (FIRC)/advice fee by 50 percent to Rs 100 per transaction for up to 20 transactions.

PTI.

PTI.

For more than 20 transactions, bulk FIRC fee will be levied at Rs 2,000.

FIRC is a document that acts as a testimonial for all the inward remittances entering India.

Most of the statutory authorities accept this document as proof that an individual or a business, such as a limited company, partnership firm, sole proprietorship firm and others, has received a payment in foreign currency from outside the country.

"The move is in line to reduce the cost incurred in receiving payments from global markets and to encourage merchants to grow their cross-border business and realise the government's Make in India vision," PayPal India said in a statement.


Updated Date: Sep 21, 2017 16:03 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See