As per the latest news, Reserve Bank Of India (RBI) have raised the limit for Indian PayPal users from $500 to $3000 per transaction. Few days back, PayPal have notified its Indian based users that if the payment received via PayPal will exceeding $500 then the amount will automatically be revert back to the initiator. However, today it has been confirmed that the upper limit has been raised to $3000.
Guidelines Of PayPal For Indian Users Is Still The Same For Receiving Payments:-
- Permanent Account Number (PAN) and Purpose Code.
By adding PAN number and purpose code, Indian PayPal users can receive their export related payments upto the permissible limit.
- Bank Account Details
By adding bank account details, Paypal users can enjoy the benefit of auto withdraw of PayPal balance to the bank account in India.
Note: As per the guidelines issued by PayPal, if an Indian PayPal user don’t submit Pan and bank account details to his PayPal account then his PayPal account will be limited from receiving export-related payments.
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.Advertisement