KLEINMACHNOW – DECEMBER 17: A sign for Internet payment transaction portal PayPal stands outside the eBay Germany headquarters on December 17, 2009 in Kleinmachnow, Germany. The German service industry labour union ver.di has announced that eBay is to fire 400 of the 630 employees at the Kleinmachnow center. PayPal belongs to eBay. (Photo by Sean […]
Credit: Getty Images
PayPal has been wrangling with legal issues in India over the past year and has had to bow to several demands of the Reserve Bank of India (RBI), chief among them being imposing a per-transaction limit of $500 on Indian users. Today, however, the company announced that said limit had been raised to $3,000, according to a post by Pluggdin.
The PayPal announcement reiterates that all Indian users need to add their Permanent Account Number (PAN) and Purpose Code and hook up their bank account to PayPal in order to continue using the service. The daily withdrawal requirement that it imposed last month also remains in place.
Despite the continuing restrictions, however, the significantly increased per-transaction limit must come as a relief to exporters of goods and services in India who rely on PayPal to receive payments from overseas. Hopefully, the eBay-owned company will aggressively work on its issues with the RBI and lift its other restrictions as well.
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