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Online payment gateway transaction limit increased for exporters

With the Reserve Bank of India (RBI) recently notifying increase in transaction value limit via online payment gateways for export related payments for goods and services to $10,000 from the existing $3000 in one go, Indian exporters will now be able reap higher benefits from online payment gateway service providers like PayPal.

"We are pleased to inform you that PayPal merchants in India can now receive up to USD10,000 per transaction for export-related payments for goods and services, effective immediately," PayPal India said today in an email communication sent to its users. 

 

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

Hailing the RBI move, it further said that the increased limit will help its users to 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.

RBI, in a notification dated June 11, had said, " . . . it has now been decided to increase the value per transaction from USD 3000 to USD 10,000 for export related remittances received through OPGSPS. The revised limit will come into force with immediate effect."

Other guidelines for online payment gateway service providers however remain the same. 

Of late, online payment gateways have emerged as a popular mode of facilitating e-commerce transactions. Some of these service providers have been increasingly facilitating cross-border transactions.