PayPal simplifies payments for Indian sellers and freelancers

Friday 6 April 2018 00:08 CET | News

PayPal has digitised FIRC (foreign inward remittance certificate) application process for the ease of Indian sellers and freelancers.

The digitisation will enable the payment of the FIRC fee via NEFT (National Electronic Funds Transfer) as opposed to the previous process of a demand draft (DD). The new process will enable sellers to receive payments from across the globe and apply for a FIRC online by filling a form on their website.

A FIRC is a document that acts as a testimonial for all the inward remittances entering India. Most statutory authorities accept this document as proof that an individual or a business — such as a limited company, partnership company, sole proprietorship company, and others — has received the payment in foreign currency from outside the country. The certificate can be directly collected by the sellers and freelancers from their beneficiary banks.

In 2017, PayPal had announced a 50% reduction in the FIRC fee and rolled out a process for a consolidated FIRC, the earlier process requiring one FIRC for each transaction.

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Keywords: PayPal, payments, India, FIRC (foreign inward remittance certificate), remittance, National Electronic Funds Transfer
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce