A sign of relief for big Merchants out here in India, as global payment gateway provider Paypal has increased the receiving limit for merchants in India by $10,000 per transaction for any export-related payments of goods and services and the new changes come into effect immediately (29 July 2013).
Earlier during March 2011, RBI laid down strict norms in place for Paypal operation in India and accordingly it got into restricting it’s users with limiting the amount received to maximum of $3000 for each transaction and not allowing to store the money in their Paypal account with all the money-getting transferred to their bank account within 7 days of receiving.
With the increased transaction limit in place, Indian merchants can accept credit and debit card payments anytime, anywhere on their website or mobile. Can have increase their global presence by selling to over 132 million active PayPal users in 193 markets around the world, accepting payments in up to 25 currencies and cab leverage one of industry-leading fraud prevention and risk management systems to keep their business secure and minimize losses.
In addition to comply with RBI guidelines and to receive export-related payments, Indian merchants must confirm their email address, and add a Permanent Account Number (PAN), Purpose Code and local bank account to their PayPal Account.
Image credit Paypal