ADD ANI AS A TRUSTED SOURCE
googleads
ANI Logo
Menu
Business

PayPal introduces digital foreign inward remittance advice

Mumbai (Maharashtra) [India], May 12 (ANI): Digital payments provider PayPal has introduced an automated process to obtain monthly foreign inward remittance advice (FIRA), allowing Indian merchants to download their monthly digital FIRA issued by banks.

ANI May 12, 2021 13:37 IST googleads

The platform empowers over 350 million consumers and merchants in over 200 markets

Mumbai (Maharashtra) [India], May 12 (ANI): Digital payments provider PayPal has introduced an automated process to obtain monthly foreign inward remittance advice (FIRA), allowing Indian merchants to download their monthly digital FIRA issued by banks.
The automated process will not require sellers to place manual and individual requests, thereby reducing the time taken to file the paperwork. The initiatives at zero cost are aimed to empower Indian MSME exporters to seamlessly grow their business internationally.
Previously, Indian sellers and freelancers had to send a manual request to PayPal's partner bank and also pay a fee for the service. The bank would then issue FIRA as a physical statement which could take upto 10 days and required the seller to visit the bank to collect the same.
PayPal's monthly digital FIRA solution will allow merchants to download the FIRA from their PayPal account. The sellers will be notified via an email once the FIRA is made available. The simplified process also enables Indian sellers to apply for bill closure and get tax benefits at a much faster rate.
Nath Parameshwaran, Director of Corporate Affairs at PayPal India, said the pandemic has significantly accelerated digital adoption, especially among small sellers and freelancers.
"At PayPal, we are constantly innovating to help these merchants who form the backbone of our economy and grow India's B2C exports. With PayPal, these small exporters have access to 200 markets and a strong consumer base of over 350 million," he said in a statement on Wednesday.
In 2020, despite the pandemic headwinds, the platform enabled exports worth Rs 10,000 crore for 3.6 lakh small exporters with a majority driven by tribal, artisan and women-led enterprises. (ANI)

Get the App

What to Read Next

Business

Piyush Goyal meets global industry leaders to deepen trade ties

Piyush Goyal meets global industry leaders to deepen trade ties

The meetings were inclined towards bolstering India's manufacturing capabilities and deepening its integration into global supply chains. The discussions focused on expanding investment partnerships and enhancing India's role as a critical hub in the Indo-Pacific region.

Read More
Business

India market "relatively resilient" compared to its Asian peers

India market

The deepening conflict in West Asia has placed the Indian economy and the broader Asian region in the "eye of the storm," as supply chain disruptions and surging energy costs threaten to trigger a significant negative growth shock.

Read More
Business

India Emerging as Stable Investment Anchor in Turbulent Global

India Emerging as Stable Investment Anchor in Turbulent Global

Mumbai (Maharashtra) [India], March 12: As military conflict in West Asia disrupts energy supplies through the Strait of Hormuz and global liquidity tightens, leading investors, policymakers and capital markets leaders gathered at IGF Mumbai 2026: Catalysing Capital to assess India's position in an increasingly fragmented global economy.

Read More
Business

Indian envoy in Shanghai meets Ant Group top official

Indian envoy in Shanghai meets Ant Group top official

Consulate General of India in Shanghai Pratik Mathur on Thursday met Carrie Suen, Vice President and Head of Global Affairs and Strategic Development of Ant Group.

Read More
Business

Nandita Desai Unveils a Unique Painting Exhibition on Vintage

Nandita Desai Unveils a Unique Painting Exhibition on Vintage

New Delhi [India], March 12: There is something quietly powerful about a window... It neither confines nor escapes. It simply allows us to look, to pause, to breathe between inner and outer worlds. In The Painted Window, multi-award-winning contemporary artist Nandita Desai turns this everyday architectural element into the soul of her fifth solo exhibition, transforming vintage and handcrafted windows into luminous works of art. Running from 16th to 21st March 2026 at the Kamalnayan Bajaj Art Gallery, Nariman Point, Mumbai, the exhibition brings together 50 artworks - windows that look outward at the world, and inward at memory and quiet reflection.

Read More
Business

Finkurve Financial Services Limited (Arvog)

Finkurve Financial Services Limited (Arvog)

Mumbai (Maharashtra) [India], March 12: Finkurve Financial Services Limited (BSE: 508954), among leading Tech-first Gold Loan NBFC, announced that the Company has crossed Rs. 1,035 crore+ in Assets Under Management (AUM) surged by nearly 10x compared to FY23, marking a significant milestone in the company's growth trajectory within India's secured lending ecosystem.

Read More
Business

Gold Winner Expands Legacy with Launch of New Edible Oil Range

Gold Winner Expands Legacy with Launch of New Edible Oil Range

Chennai (Tamil Nadu) [India], March 12: Gold Winner, one of South India's most trusted edible oil brands, is expanding its legacy of quality and reliability with the launch of four traditional oils -- Gold Winner Groundnut Oil, Gold Winner Gingelly Oil, Gold Winner Coconut Oil, and Gold Winner Rice Bran Oil. With this expansion, the brand aims to position itself as the single trusted name for all cooking oil needs in Indian households.

Read More
Business

Seven more districts added in 6th phase of mandatory hallmarking

Seven more districts added in 6th phase of mandatory hallmarking

The move is part of the phased implementation of mandatory hallmarking being carried out by the Bureau of Indian Standards to ensure the purity of gold jewellery and protect consumer interests.

Read More
Business

With India’s Fasteners Market Projected at USD 17 Billion by 2034

With India’s Fasteners Market Projected at USD 17 Billion by 2034

New Delhi [India], March 12: The Indian fasteners market continues to demonstrate strong momentum, having reached USD 11.2 billion in 2025 and is projected by the IMARC Group to surge to USD 17.0 billion by 2034, reflecting a robust CAGR of 4.67% during 2026-2034. This dynamic growth is fueled by the expansion of the automotive, construction, and industrial sectors, as well as increasing demand for high-performance, lightweight fasteners, and strategic government initiatives such as "Make in India." In this thriving context and to boost domestic manufacturing, Messe Stuttgart India has launched FASTNEX 2027 with its highly anticipated Signature Edition, set to take place from 8th to 10th February 2027 at the Bombay Exhibition Centre, Mumbai. The event stands as a crucial platform for industry professionals to showcase innovative products, access market intelligence, foster collaborations, and expand their business networks, ultimately contributing to the overall advancement of India's manufacturing sector.

Read More
Business

India: CPI inflation rises to 3.21% in February 2026

India: CPI inflation rises to 3.21% in February 2026

India's Consumer Price Index or retail inflation in February was recorded at 3.21 per cent, official data showed on Thursday.

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.