If you are a Paypal user in India, there’s some good news for you today!
Paypal has announced that Reserve Bank of India (RBI) has now allowed the company to increase the receiving limit to $3000 per transaction, effective immediately.
This appears to be a significant improvement from the earlier limit of $500 per transaction limit, which was placed in March 2011 to comply with RBI’s strict guidelines.
It also comes as a welcome move to Indian entrepreneurs and individual business entities relying on Paypal to outsource their goods and services outside India.
Indians have been facing severe difficulties ever since the eBay-owned electronic payment juggernaut started facing major legal issues in India, leading to suspension of personal payments in February last year, followed by a $500 per-transaction limit.
Paypal however reiterated that users will have to still follow the earlier guidelines set by RBI. These include adding a Permanent Account Number (PAN) and Purpose Code to receive export-related payments, as well as adding an India-based bank account to facilitate transfers and auto withdrawals of your Paypal balance from your account.
We hope the company will work out all its issues with RBI in the future, thereby enabling smooth functioning of one of the world’s largest online payment systems, in India.
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