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PayPal introduces digital foreign inward remittance advice

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Mumbai (Maharashtra) | May 12, 2021 2:14:16 PM IST
Digital payments provider PayPal has introduced an automated process to obtain monthly foreign inward remittance advice (FIRA), allowing Indian merchants to download their monthly digital FIRA issued by banks.

The automated process will not require sellers to place manual and individual requests, thereby reducing the time taken to file the paperwork. The initiatives at zero cost are aimed to empower Indian MSME exporters to seamlessly grow their business internationally.

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.

PayPal's monthly digital FIRA solution will allow merchants to download the FIRA from their PayPal account. The sellers will be notified via an email once the FIRA is made available. The simplified process also enables Indian sellers to apply for bill closure and get tax benefits at a much faster rate.

Nath Parameshwaran, Director of Corporate Affairs at PayPal India, said the pandemic has significantly accelerated digital adoption, especially among small sellers and freelancers.

"At PayPal, we are constantly innovating to help these merchants who form the backbone of our economy and grow India's B2C exports. With PayPal, these small exporters have access to 200 markets and a strong consumer base of over 350 million," he said in a statement on Wednesday.

In 2020, despite the pandemic headwinds, the platform enabled exports worth Rs 10,000 crore for 3.6 lakh small exporters with a majority driven by tribal, artisan and women-led enterprises. (ANI)

 
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