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What is the name of the document issued by bank as a proof of payments received from abroad?
A)
FCNR
B)
FIRA
C)
Nostro
D)
Vostro

Correct Answer : Option (B) - FIRA


FIRA is a document issued by banks to exporters as a proof of payments received from abroad. It is a proof of receipt of export proceeds in foreign currency received from abroad.
American Payment company PayPal has introduced an automated process to obtain the monthly Foreign Inward Remittance Advice (FIRA). It is a cost-free and easy process to download their monthly digital FIRA issued by the bank. This initiative aims to empower Indian MSME exporters.

Published On : July 17, 2021
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