Payments platform PayPal today said it has reduced the Foreign Inward Remittance Certificate (FIRC)/advice fee by 50 per cent to Rs 100 per transaction for up to 20 transactions.
For more than 20 transactions, bulk FIRC fee will be levied at Rs 2,000.
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.
"The move is in line to reduce the cost incurred in receiving payments from global markets and to encourage merchants to grow their cross-border business and realise the government's Make in India vision," PayPal India said in a statement.
Tata Technologies appoints JK Gupta as CFO *Tata Technologies, which provides engineering services and manufacturing enterprise IT, today said it has appointed JK Gupta as its new Chief Financial Officer.
In this role, he will be responsible for corporate finance, strategy and business planning, Tata Technologies said in a statement.
"We are positive that his vast experience and deep functional knowledge will be an important asset as we expand our business globally," Warren Harris, Managing Director and CEO of Tata Technologies, said.
With 38 years of experience across multiple industries, Gupta joins Tata Technologies from Tata Consultancy Services.
He has worked with Jay Engineering Works, Steel Authority of India Limited and Zee Network.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)