PayPal stated with the new process, its sellers receiving payments from throughout the world may submit an application for an FIRC online by completing a form on its own website, thus reducing the paper work to get a DD.
An FIRC is a record that acts as a testimonial for all the inward remittances entering India. Most statutory governments accept this document as evidence that an individual or a business – such as a limited company, partnership firm, sole proprietorship firm and many others – has received payment in foreign currency from outside the nation.
“Formerly, Indian sellers and salespeople needed to visit the beneficiary bank branch to ask an FIRC, get a demand draft to your FIRC fee and apply for an FIRC into the Citibank,” the online payments stage stated in a statement.
“Now, with the internet procedure, sellers can simply fill an application form on the PayPal website and pay the FIRC fee by NEFT. PayPal will directly share the details with all the Citibank for the FIRC,” it stated.
In accordance with PayPal, the certificate could be directly collected by the franchisees and sellers in their beneficiary banks.
“The revised FIRC procedure is hassle-free and cuts efforts and time taken to process and formalise payments. By simplifying the process of accepting international trades, we want to encourage vendors to exploit the international marketplace,” explained Narsi Subramanian, Director, Growth, PayPal India.
This past year, PayPal had declared a 50 percent decrease in the FIRC fee and rolled out a procedure to get a merged FIRC, while the prior process required one FIRC for every single trade, the statement added.