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Digital Foreign Inward Remittance Advice (FIRA)-- PayPal

Published on May 15, 2021
Current Context: PayPal has launched an automated process to obtain monthly foreign inward remittance advice (FIRA).
Digital Foreign Inward Remittance Advice (FIRA)-- PayPal
  • The digital support to FIRA by PayPal will allow Indian merchants to download their monthly digital FIRA issued by banks from their PayPal accounts.
  • This will be an automated process which will thus reduce the time taken to perform the paperwork and the merchants will not have to visit banks to place manual and individual requests for FIRA.
  • The Digital FIRA by PayPal will allow the issuance of it at zero cost and PayPal will also inform Indian merchants through an email after the availability of FIRA.
  • FIRA: It is a document that is proof of all inward remittances and payments received from abroad. This document has to be issued by banks as proof of receipt of export which proceeds in foreign currency from outside the nation.
  • Static Part:
    • HQ of PayPal: San Jose, California

Question: 

Q.1 Which organisation launched digital support to foreign inward remittance advice (FIRA)?
a. Paytm
b. HDFC Bank
c. PayPal
d. Google Pay

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