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RBI might raise cap on international ecommerce transactions

The Reserve Bank of India (RBI) has said
that it is open to increasing the limit on international ecommerce
transactions, which is now set at $3,000. “If the system wants the limit to be
enhanced, that is something that we are positively inclined to look at,” RBI
Executive Director G. Padmanabhan said on the sidelines of a CII event, reports
The Hindu.

The Reserve Bank of India (RBI) has said
that it is open to increasing the limit on international ecommerce
transactions, which is now set at $3,000. “If the system wants the limit to be
enhanced, that is something that we are positively inclined to look at,” RBI
Executive Director G. Padmanabhan said on the sidelines of a CII event, reports
The Hindu.

Padmanabhan said the limit was set in
consultation with PayPal, a major player among the international payment
gateways, and added that as many as 99 per cent of the e-commerce transactions
fell under the limit of $3,000.

Giving rationale for setting the limit (there
are no limits for domestic ecommerce transactions), he said it was needed in a
country like India which had exchange controls.

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