FIRA for India Payouts
When processing payouts to India, Tazapay generates a Foreign Inward Remittance Advice (FIRA) in compliance with Reserve Bank of India (RBI) regulations.Role of Purpose Codes
The Purpose Code selected during payout initiation determines:- How the transaction is classified under RBI guidelines
- The type of FIRA generated
- Whether the payout is successfully processed or rejected
Important
- FIRCs and FIRAs are generated strictly based on the Purpose Code selected at the time of processing
- They cannot be edited, revised, or reissued
- Incorrect selection may result in RFIs, delays, or rejection by banking partners
Purpose Codes in Tazapay
- Tazapay provides predefined Tazapay Purpose Codes (
PYRxxx) - Each code is mapped to a valid RBI Purpose Code
- Mappings include restrictions based on:
- Remitter type
- Beneficiary type (individual or corporate)
Purpose Codes Valid for India Payouts
Best Practices
To ensure smooth and compliant payouts:- Clearly identify the nature of the transaction
- Goods, software, services, taxes, etc.
- Select the correct Tazapay Purpose Code (
PYRxxx) - Avoid generic or approximate selections
- Verify remitter and beneficiary eligibility
- Some codes are restricted to individuals or corporates only
Key Compliance Notes
- FIRAs are generated only once
- No edits or re-issuance are permitted after processing
- Incorrect purpose codes may lead to:
- Requests for Information (RFIs)
- Processing delays
- Payment rejection