MeitY Unveils Zero-Friction Cross-Border Payment Framework for Indian SaaS Exporters and Freelancers
The Ministry of Electronics and Information Technology (MeitY) has launched an API-driven cross-border payment framework to streamline international remittances. The initiative automates FEMA compliance and e-FIRC issuance, slashing transaction costs for Indian IT exporters from over 5% to sub-1% levels.