PayPal reduces charges for inward remittance for individuals, companies

FIRC fee reduced from Rs.200 to Rs.100 per transaction, for up to 20 transactions

FILE - This Jan. 19, 2011 file photo shows the eBay/PayPal offices in San Jose, Calif. PayPal, which is eBay Inc.’s payments business, says it is launching an initiative called PayPal Galactic with the help of the nonprofit SETI Institute in Mountain View, Calif., and the Space Tourism Society, an industry group focused on space travel. Its goal, PayPal says, is to work out how commerce will work in space. (AP Photo/Paul Sakuma, File)

PayPal has announced a 50% reduction in the Foreign Inward Remittance Certificate (FIRC) / Advice fee from Rs.200 to Rs.100 per transaction, for up to 20 transactions.

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, said the leading payments platform in a statement.

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,

Meanwhile, for more than 20 transactions, bulk FIRC fee will be levied at Rs.2,000.

”The reduction in the FIRC fee is in line with our commitment of becoming a customer champion and enabling merchants to grow their cross-border business in a profitable manner," said Narsi Subramanian, Director, Small Sellers & Consumers, PayPal India.