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.
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