Finally RBI and Indian Government has come to a better solution which increases the limit of amount of money received in your Indian PayPal account from 500$ to 3000$ which is a big relief for Merchantman, Bloggers, Freelancers or anyother business which has used Paypal to get money to their Bank Account. This is effective immediately.
It all started with restriction on no transfer when RBI wanted to control that all money that is coming to India is montiored and since PayPal is not Bank they were under scrutiny. Later on the transaction started again with rumors that it might get restricted again which was followed by Purpose Code and then PAN no was made compulsory. It was also set to transfer any money left in your bank account for more than a week as RBI doesn’t allow PayPal to hold money more than that. Though the affect came in later.
Here is the announcement :
We’ve been notified by the Reserve Bank of India (RBI) that our merchants in India can receive export-related payments for goods and services into their PayPal account up to USD 3000 per transaction (raised from USD 500 per transaction), effective immediately. This is great news as the vast majority of our merchants in India can continue to use PayPal for their online payment service with overseas customers.
What is worth noting in this announcement is the following things are compulsory :
- PAN Card Number.
- Bank Account
- Purpose Cod