Join us at TNW Conference 2022 for insights into the future of tech →

The heart of tech

This article was published on October 14, 2011

PayPal increases transaction limit from $500 to $3,000 in India

PayPal increases transaction limit from $500 to $3,000 in India Image by: Getty Images
Aayush Arya
Story by

Aayush Arya

Aayush is the India Editor & Apps Co-Editor at The Next Web. When not writing, he enjoys spending his time bungling about on Twitter or Aayush is the India Editor & Apps Co-Editor at The Next Web. When not writing, he enjoys spending his time bungling about on Twitter or Google+, and answering email.

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.