The Reserve Bank of India (RBI) is open to looking at increasing the
limit on international e-commerce transactions now set at $3,000, a top
official said on October 8.
“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.
Mr. 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
e-commerce transactions), he said it was needed in a country like India
which had exchange controls.
On extending trading hours in the forex market, the RBI official said it
was difficult to relax as “we do not have full capital account
convertibility.”
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