PayPal: RBI clears $3000 per transaction for Indians

By Robert S, Chiprang.com PayPal has announced that the Reserve Bank of India has allow sellers and service providers to receive export...

By Robert S, Chiprang.com


PayPal has announced that the Reserve Bank of India has allow sellers and service providers to receive export-related payments of up to USD 3000 per transaction in their PayPal account, with immediate effect.

Earlier, the transaction limit was $500.

 
“We sincerely thank you for your understanding and patience over the past few months as we continue to implement the changes required to remain compliant with the RBI guidelines,” PayPal said in an email message to its clients.

What does this mean? As publisher or seller, you can confidently accept PayPal for your cross-border transactions with global buyer base of over 100 million active accounts in 190 markets worldwide.

To utilise this new feature, you will still have to comply to RBI guidelines. You must add a Permanent Account Number (PAN), Purpose Code and local bank account to your PayPal account in order to continue receiving export-related payments.

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PayPal: RBI clears $3000 per transaction for Indians
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http://www.chiprang.com/2011/10/paypal-rbi-clears-3000-per-transaction.html
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