PayPal & RBI Allow $3000k Receiving Limits To PayPal India Users
PayPal and RBI have agreed to let Indian PayPal users receive up to $3000 as export related remunerations. The limit for amounts that can be received earlier was set at $500, which was very low. PayPal would automatically return any payment exceeding $500 to the sender, if the recipient was based out of India. However, the latest update from PayPal confirms that this limit has now been upped to $3000k, which should be more than enough for many PayPal India users. Here's the update from PayPal -
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[TD="width: 77%"]In order to comply with the RBI Guidelines, all PayPal users in India must:
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Now you will be able to receive export-related payments of up to USD 3000 per transaction into your PayPal account.
Check back again as this is a developing story!
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[TD="width: 77%"]In order to comply with the RBI Guidelines, all PayPal users in India must:
- Add a Permanent Account Number (PAN) and Purpose Code.
By adding this information, you will continue to receive export-related payments into your PayPal account and your account will not be limited from receiving future payments. - Add a bank account in India.
This will help us to auto withdraw your PayPal balance out of your PayPal account and transfer your balance to your bank account in India. Note: If you don't add a bank account in India to your PayPal account then your PayPal account will also be limited from receiving export-related payments.
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Now you will be able to receive export-related payments of up to USD 3000 per transaction into your PayPal account.
Check back again as this is a developing story!
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