Digital payments service Paypal introduced an automated process to obtain the monthly Foreign Inward Remittance Advice (FIRA). The service will be provided free of cost to PayPal merchants.
The initiatives will support Indian MSME exporters trying to grow their business internationally.
Nath Parameshwaran, Director, Corporate Affairs, PayPal India said, “With PayPal, these small exporters have access to 200 markets and a strong consumer base of over 350 million. In 2020, despite the pandemic headwinds, we enabled exports worth Rs 10,000 crores for 3.6 lakh small exporters with a majority driven by tribal, artisan and women led enterprises. A zero-cost, digital FIRA process not only reduces time, saves money and removes friction but also eliminates the need to visit branches and thereby reducing the chances of the COVID-19 infection.”
What is FIRA:
- FIRA is a document that acts as a proof for all inward remittances and payments received from abroad.
- This is issued by banks in India and is required by all exporters regardless of its size or proprietorship.
- It is a proof of receipt of export proceeds in foreign currency received from outside the country.
How does it work:
- By simply logging into their PayPal account, a user can download their monthly digital FIRA issued by the bank.
- The fully automated process will not require sellers to place manual and individual requests. Thus, reducing the time taken to file the paperwork.
Previously, Indian sellers and freelancers had to send a manual request to PayPal’s partner bank and also pay a fee for the service. The bank would then issue FIRA as a physical statement which could take upto 10 days and required the seller to visit the bank to collect the same.
Here’s how you can download your Monthly Digital FIRCs
- Login to your PayPal business account
- Click on reports
- Click on Statements
- Click on Foreign Inward Remittance Certificate/ Advice (FIRC)
- Click Download