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
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.
No, its bcz of rupee depreciation, they badly need dollars. hypothetically speaking, they would love to remove the cap altogether.
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 !
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
Can anyone pls clarify thatt 'Indians cant make payments using paypal' rule was enforced by paypal or RBI?
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!
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
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!