PayPal had been handling legal issues with RBI on its operations in India, since last year. The key restriction on PayPal users from India as imposed by RBI (Reserve Bank of India) was that, they were not allowed to receive amount greater than USD $500 in a single transaction. This dictate of RBI has given Indian online merchants nightmares on how to continue their businesses with so many restrictions.
In a recent announcement from PayPal, it was revealed that the new receiving limit in a single transaction by PayPal users from India was increased from USD $500 to USD $3000.
This move from PayPal and RBI has relieved sevarl exporters of goods and services in India who rely on eBay-owned PayPal to receive payments from clients all around the globe.
The other issues however are intact. To continue using PayPal you’ll need to add your PAN (Permanent Account Number) and Purpose Code. Also, daily withdrawal requirement is still in its place.
We hope that gradually PayPal will sort-out all issues with RBI and provide its users great and speedy experience.
See also : PayPal gets NFC Support on Android