PayPal stated with the new process, its vendors receiving payments from throughout the globe can submit an application to an FIRC on the internet by completing a form on its own website, thus reducing the paper work for a DD.
An FIRC is a record that acts as a testimonial for all the inward remittances entering India.
“Previously, Indian vendors and freelancers had to visit the beneficiary bank division to ask an FIRC, get a demand draft for the FIRC fee and then apply for an FIRC to the Citibank,” the online payments platform stated in a statement.
“Now, with the online process, sellers can simply fill an application form on the PayPal website and pay the FIRC fee by NEFT. PayPal will directly share the details with all the Citibank for your FIRC,” it said.
According to PayPal, the certificate can be immediately collected by the franchisees and sellers in their beneficiary banks.
“The revised FIRC process is hassle-free and cuts efforts and time taken to process and formalise payments. By simplifying the procedure for accepting international trades, we want to encourage vendors to exploit the global market,” said Narsi Subramanian, Director, Growth, PayPal India.
Last year, PayPal had declared a 50 percent decrease in the FIRC fee and rolled out a process to get a merged FIRC, although the prior process required one FIRC for each transaction, the announcement added.