Foreign Inward Remittance Advice (FIRA)

Why in news?

• Digital payments service Paypal introduced an automated process to obtain the monthly Foreign Inward Remittance Advice (FIRA).

About FIRA:

• FIRA is a document that acts as a proof for all inward remittances and payments received from abroad.
• This is issued by banks in India and is required by all exporters regardless of its size or proprietorship.
• It is a proof of receipt of export proceeds in foreign currency received from outside the country.
• Authorities use this document as evidence that an individual or business has received a payment in a foreign currency from abroad.

Prelims Question:

Consider the following statements regarding Foreign Inward Remittance Advice (FIRA):
1.FIRA is a document that acts as a proof for all inward remittances and payments received from abroad.
2.It can be issued by Commercial Banks in India.
Which of the statements given above is/are correct?
(a)1 only
(b)2 only
(c)Both 1 and 2
(d)Neither 1 nor 2

Answer to the Prelims question