PayPal reduces remittance certificate charges by 50% for small sellers

MUMBAI: Global digital payments platform PayPal has reduced the fee for the Foreign Inward Remittance Certificate (FIRC) to Rs 100 from Rs 200 for up to 20 transactions, the company said in a statement.

For more than 20 transactions a bulk payment of Rs 2000 is charged. PayPal believes it will help in their move to encourage small sellers to sell goods and services globally and use PayPal as their payments platform.

"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

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.