New Delhi, April 05, 2018: Payment platform PayPal has digitised the FIRC application process for the ease of Indian sellers and freelancers.
“With the new process, PayPal sellers receiving payments from across the globe can apply for an FIRC online by filling a form on the PayPal website and paying the FIRC fee via NEFT as opposed to the previous process of a Demand Draft (DD), reducing tedious paper work,” release stated.
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.
Narsi Subramanian, Director, Growth, PayPal India said, “The revised FIRC process is hassle free and cuts down the time and efforts taken to process and formalise payments.
United News Of India
