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.
- Association of Indian Magazines Next to Challenge Fact-Check Amendment At Bombay HC June 7, 2023
- NASSCOM issues guidelines on research, development and use of Generative AI June 7, 2023
- Sequoia to split into three venture capital firms: For India & Southeast Asia, China, and US & Europe June 7, 2023
- E-hospital malware attack: IT Minister of State Rajeev Chandrasekhar denies the breach, while AIIMS confirms it June 7, 2023
- Generative AI for Bharat: Notes from a conference by Full Stack Capital June 7, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...