[Resolved]  Razorpay — FIRC not provided (RBI & FEMA legal Guidelines not followed)

Hello,

Writing to compliant how Razorpay has been operating. Being an Indian company one should be adhering to all rules and regulations. For our international payments we used their payment gateway and they had assured that they do have a mechanism in place as per the rules set by FEMA & RBI for issuing FIRC/ Credit notes.

As per FEMA & RBI act if a company receives Foreign funds, they are suppose to get a FIRC or Credit note mentioning that an X amount was received in Foreign Currency and was converted to Indian Rupees. This is considered an extremely important document and is mandatory to be issued by the bank since not having it can land you in a legal tussle with RBI and FEMA including charges of money laundering. Being an ethical organisation one has to demand this from their transaction partners, well in this case it is Razorpay.

To my shock when I asked for the FIRC/ Credit note from Razorpay they first mentioned that the waiting period is 1 month. Now its been 2 months and they are still to provide me with any document. They keep on telling me to have patience since last two months but fail to provide any document. In between they also had the audacity of sending me a fake FIRC/ Credit note which I rubbished immediately with proof from my side. They also sent me an apology mail later accepting the fallacious document they sent. And since then nothing is heard from them :(

Now complaining it here on this forum to see if this gets them moving.

If not, I have prepared all documents and proof to pull them via the RBI channel and highlight to them how this company is operating and how to tighten the noose for smoother operations.

P.S: i have since then moved to Stripe (US Company, Yes tell me about Atmanirbhar Bharat) which recently started their operations in India and they send the FIRCs/ Credit note the moment the amount hits our company bank. The entire process is seamless and automated.
This is NOT a promotion of Stripe but to show how a foreign company can follow Indian Rules & Regulations which an Indian company fails again an again.

DO NOT recommend Razorpay for anything since their customer service and operations are extremely shoddy.