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.