Payment Receiving Limit Increased to $3000 for Indian Merchants
Before few day I read that PayPal India to auto-reverse any transactions that exceeded $500 in value. But PayPal announce on Thursday that 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.
Anyways, here is great news for Indian bloggers and freelancers who get paid via PayPal. It means, in a single transaction you can receive money up to $3000 in PayPal account. But still you can’t pay or send it to someone from your PayPal balance and if you pay via PayPal your linked credit card will be charged and rates are higher. But not only me, all merchants in India will now happy due to increasing receiving limit.
In order to receive payment in your PayPal account you must comply with the RBI Guidelines as stated below.
Add a Permanent Account Number (PAN) and Purpose Code.
By adding this information, you will continue to receive export-related payments into your PayPal account and your account will not be limited from receiving future payments.
Add a bank account in India.
This will help us to auto withdraw your PayPal balance out of your PayPal account and transfer your balance to your bank account in India. Note: If you don’t add a bank account in India to your PayPal account then your PayPal account will also be limited from receiving export-related payments.
If you already have verified account and completed the above steps than you will be able to receive export-related payments of up to USD 3000 per transaction into your PayPal account.
Have a great day.