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RBI increases PayPal India receiving limit from $3000 to $10000

Discussion in 'PayPal' started by nihangshah, Jun 11, 2013.

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  1. #1
    Hello,

    Reserve Bank of India has issued notification RBI/2012-13/528, which notifies that receiving limit for export related remittances for PayPal India has been increased from $3000 to $10000, with immediate effect.

    This means you can now receive upto $10000 per transaction in your Indian PayPal account.

    Link to circular: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8030&Mode=0

    Thanks
     
    Last edited: Jun 11, 2013
    nihangshah, Jun 11, 2013 IP
    FreeFun4Every1, chandan123 and deluxdon like this.
  2. pr10links

    pr10links Greenhorn

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    #2
    hahahaha, what a blind system of RBI, while we had business that time RBI was rubbing his finger in our ass by restricting limit and now we dont have more business they are increasing limit, thats great, Fuck the RBI policy.
     
    pr10links, Jun 11, 2013 IP
  3. techdomain

    techdomain Well-Known Member

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    #3
    No, its bcz of rupee depreciation, they badly need dollars. hypothetically speaking, they would love to remove the cap altogether.
     
    techdomain, Jun 12, 2013 IP
  4. merlinseo

    merlinseo Well-Known Member

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    #4
    SELFISH RBI !!!!!!!! YES THEY NEED DOLLARS COME IN !!!!!! NOW !!!!!!
    Good for all
     
    merlinseo, Jun 24, 2013 IP
  5. softech02

    softech02 Banned

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    #5
    They also should lift a few restrictions.
    They should allow us to keep fund as long as we want in our paypal account (we are okay, if they don't do that)
    They should let us use paypal balance.
    They should allow payment from Indian paypal to other Indian paypal.
    They just listened to few CC providing companies and applied all these restrictions. Now see the result! INR never went such low against USD !
     
    softech02, Jun 28, 2013 IP
    FreeFun4Every1 likes this.
  6. techdomain

    techdomain Well-Known Member

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    #6
    Paypal hardly has any effect on rupee vs dollar. Its not even a micro factor (in india).
     
    techdomain, Jun 28, 2013 IP
  7. SECTRIX

    SECTRIX Active Member

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    #7
    Good one for online businesses.
     
    SECTRIX, Jul 19, 2013 IP
  8. FreeFun4Every1

    FreeFun4Every1 Prominent Member

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    #8
    Yes atleast they allow us to keep money in Paypal and send it to another Indian Paypal and let us pay for hosting and domain
     
    FreeFun4Every1, Jul 19, 2013 IP
  9. smellyfinger

    smellyfinger Well-Known Member

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    #9
    Can anyone pls clarify thatt 'Indians cant make payments using paypal' rule was enforced by paypal or RBI?
     
    smellyfinger, Jul 21, 2013 IP
  10. MSP2011

    MSP2011 Active Member

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    #10
    PayPal! RBI doesn't put this restriction as long as I know! RBI ask PayPal to give interest on payments, that's why PayPal put restrictions same like in few other countries!
     
    MSP2011, Jul 21, 2013 IP
  11. smellyfinger

    smellyfinger Well-Known Member

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    #11
    lol, hail RBI !
     
    smellyfinger, Jul 21, 2013 IP
  12. nihangshah

    nihangshah Prominent Member

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    #12
    Earlier, you could use PayPal balance, but RBI said that you can't 'retain export proceeds abroad without repatriation' resulting in violation of the provisions of FEMA, 1999
    See first para, 5th line at http://rbi.org.in/Scripts/NotificationUser.aspx?Mode=0&Id=6107

    Thus, PayPal balance had to be disabled and therefore, they gave provision to use of credit cards to send payments abroad
     
    nihangshah, Jul 24, 2013 IP
  13. smellyfinger

    smellyfinger Well-Known Member

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    #13
    So, then Indians should have been allowed to use the funds send to each other (Indian paying an Indian using indian funds does abide the rules, right ?)..

    Also, can you pls explain who exactly can we make a payment payment from India using a CC. I have tried to make a donation outside India using a CC and it didn't work. I think even a VCC doesn't works!
     
    smellyfinger, Jul 24, 2013 IP
  14. Barun Kumar

    Barun Kumar Member

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    #14
    Suppose I have to receive $30,000 in one day than I have to make 3 transactions the day? Right!!!
     
    Barun Kumar, Mar 17, 2014 IP
  15. ash1ey82

    ash1ey82 Active Member

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    #15
    Doubt many people would do that large of a transaction through paypal.
     
    ash1ey82, Mar 17, 2014 IP