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02 Jan 2023 By PAYCEC
According to the banking regulator, such personal payments amounted to cross-border money transfers, and PayPal was not authorized by the RBI to provide the service. Following this development, PayPal was forced to suspend operations in India, putting many of its nearly 175,000 Indian users in a bind.
PayPal is not authorized to provide cross-border money transfers in India, according to an RBI spokeswoman at the time. PayPal requires authorization to operate a cross-border money transfer service under the Payment and Settlement Systems Act of 2007, which it lacks, she added.
You cannot send or receive funds to or from other Indian PayPal account holders, according to RBI guidelines. This is due to the fact that the Paypal service is only intended for international transactions. Furthermore, according to RBI guidelines, you can only send or receive a maximum of $10,000 per transaction.
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