Implementing the RBI rules and regulations, PayPal had mandated that each incoming payment for any Indian PayPal account should not exceed $500 USD per transaction. This had led to too much trouble and inconvenience for regular online Indian traders.
But today, this news comes as a relief for many Indian PayPal account holders. Moments before, I received this email from the PayPal team stating that they have raised the Receiving Limit to $3,000 USD for Indian PayPal customers.
The email read as follows:
“Dear Abdulqader Kapadia,
We are pleased to inform you that the RBI will now allow you to receive export-related payments of up to USD 3,000 per transaction into your PayPal account, effective immediately.
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. With these changes completed, you can confidently accept PayPal for your cross-border transactions with our global buyer base of over 100 million active accounts in 190 markets worldwide. We look forward to continuing to support your export business through our global online payment platform.
To comply with the 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.
In case you have any queries, please log into your PayPal account and click on
Contact Us at the bottom of any PayPal page.
Sincerely,
The PayPal Team”
This is definitely a relief to some extent for many Indian PayPal customers who would now be able to receive money up to $3,000 USD per transaction. The other regulations are still in place and every Indian PayPal account holder should follow it; like withdrawing PayPal balance to your local account immediately, declaring Permanent Account Number (PAN), selecting a Purpose Code and entering local bank account.
