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 announcedthat said limit had been raised to $3,000, according toa post by Pluggdin.
The PayPal announcementreiteratesthat 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 requirementthat it imposed last monthalso 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.
Story byAayush 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(show all)Aayush is the India Editor & Apps Co-Editor at The Next Web. When not writing, he enjoys spending his time bungling about onTwitterorGoogle+, and answeringemail.
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