Friday, October 14, 2011

Paypal India Increases Receiving limits to $3000 : Big Relief

Lately Paypal and RBI (Reserve Bank of India) were creating so much problems for Indian Paypal users, like they started verifying PAN (Permanent Account Numbers) and pretty much stopped Indian users from buying anything using there Paypal account. Later on the limitation were put on all the users, which was USD 500 per transaction. This created a huge problem for all the Indian Bloggers and Freelancers as they have to link there Credit card to make any purchase i.e Payment of Hosting Bills, Domain Bills e.t.c.
But now after a long time of this struggle by all users, RBI with Paypal India has Increased the receiving limits to USD 3000 per transaction, which is going to be a big relief for all the Indian Paypal Users.
paypal india Paypal India Increases Receiving limits to $3000 : Big Relief
Here’s the official e-mail that Paypal sent it’s users;
Dear user,
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 from USD 500 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.
That means now all the Merchants/Users can receive the transaction upto $3000 from all part world. But still the buyers from India need to have a credit card which should be linked to there paypal account to make any kind of purchase whether from Indian or International merchants.
Users still need to follow all the guidelines implemented by RBI, you should add your PAN card with your paypal account plus a Bank account so that you can transact the amount to your Bank account and the last thing you should choose a purpose code to receive the payments. All over its a good move by both RBI and Paypal India lets hope all the limitation gets over and things get back to normal.
Share your views, what do you think ? Big relief isn’t it?

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