The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD vide circular no. A.P. (DIR Series) Circular No.35, Dated- October 14, 2011. RBI in a statement issued in Mumbai on Friday said the decision has been taken for export related remittances received through Online Payment Gateway Service Providers (OPGSPS).
This facility is only available in case of transaction carried online. The revised directions will come into force with immediate effect.
This is the second benefit that exporters got during this week. Earlier this week, the RBI announced 2 per cent interest subsidy on Rupee export credit to the labour-oriented and small scale sectors to cushion them from slowdown in the major markets like the US and Europe.
Online payment giant PayPal has been notified by the Reserve Bank of India (RBI) that effective immediately all PayPal merchants in India can receive export-related payments for goods and services into their PayPal account up to USD 3000 per transaction. This has been raised from USD 500 per transaction limit current imposed.
