Tag: PayPal India transaction limit

PayPal India receiving limit increased to US$10000 – Will Indian Export Business get benefited?

Posted by on July 29, 2013 | Comments

June 29th 2013 is a celebration day for Indian PayPal merchants, but will they be really happy about it?

PayPal has been bread and butter for every micro, small and mid sized business that used to export good or service. Widely available across the globe. Their website https://www.paypal.com/worldwide/ lists worldwide countries that their network supports. Business were happy until RBI placed restriction on PayPal receiving limits after making business suffer for months when their money on PayPal balance got stuck during transition of norms.

A good news for Indian Merchants is published by RBI vide their notification RBI/2012-13/528 speaking about Processing and Settlement of Export related receipts facilitated by Online Payment Gateways – Enhancement of the value of transaction dated  June 11th 2013. This made PayPal increase the receiving limit to USD10,000 per transaction.

PayPal issues the following email to its Indian Merchant account holders

Dear CUSTOMER NAME,

Congratulations! We are pleased to inform you that PayPal merchants in India can now receive up to USD 10,000 per transaction for export-related payments for goods and services, effective immediately.

With the increased transaction limit, you can:

• Accept credit and debit card payments anytime, anywhere on your website, mobile, eBay listing, or simply by sending an invoice.
• Increase your global presence by selling to over 132 million active PayPal users in 193 markets around the world, accepting payments in up to 25 currencies.
• Leverage on our industry-leading fraud prevention and risk management systems to keep your business secure and minimize losses.

To receive export-related payments, merchants must confirm their email address, and add a Permanent Account Number (PAN), Purpose Code and local bank account to their PayPal Account. If you have any queries, please log in to your PayPal Account and click on the ‘Contact Us’ button.

We look forward to continuing to support your export business through our global online payment platform.

Happy selling!

Sincerely,
The PayPal Team

Screen Shot 2013-07-29 at 2.17.43 PM

PayPal was forced to restrict the limit by RBI which created heartbreaking situation for its customers in India but this move will certainly be welcomed by the merchants and is going help larger merchants whose per transaction limit need is larger but still up to USD10,000.

This restriction removal with weaker rupee can bring additional benefit to the merchants.

 

Tags: , , ,

Powered by Invision One Entries (RSS) | Author Profile