Paypal India today increased the receiving limit per transaction to US$ 3000. Paypal had earlier, acting on RBI directives, put a limit of US$ 500 per transaction for inward receiving. This left many Freelancers and Ebay sellers looking for other options. Paypal is a convenient way to receive money and very widely used by freelance developers and artists.
Paypal today mailed all its Indian account holders the following :
Dear xxxx,
We are pleased to inform you that the RBI will now allow you to receive export-related payments of up to USD 3000 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.
This surely comes as relief to many. As they no longer will have to break the transaction amount in multiples of 500 and then bill their customer/client.
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