The Reserve Bank of India (RBI) has conveyed the message that it is open to looking at increasing the limit on international e-commerce transactions, which is currently set at $3,000,according to a PTI report (via The Hindu), which quotes RBI Executive Director G. Padmanabhan. “If the system wants the limit to be enhanced, that is something that we are positively inclined to look at,” said G. Padmanabhan during a CII event. Padmanabhan said that the limit was set in consultation with PayPal, a major player among the international payment gateways, and added that as many as 99% of the e-commerce transactions fell under the limit of $3,000. The reason, according to him, for setting the limit (there are no limits for domestic e-commerce transactions), was that India had exchange controls in place. As previously reported, the RBI had initially set the limit at $500 per transaction, which was then later raised to $3,000 per transaction. Meanwhile, in a technology related development, the Reserve Bank of India, as a part of the Broadband on Demand vision documented in the National Telecom Policy-2012, has directed that the migration of all payment gateways, and online infrastructure including websites of institutions such as banks, financial institutions and insurance companies, from IPv4 to IPv6, should be completed tentatively by December 2012.
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