What changed
The per-transaction value limit for export-related remittances processed through Online Payment Gateway Service Providers (OPGSPs) has been raised from USD 500 to USD 3,000. This revision, effective from October 14, 2011, responds to exporter requests for higher transaction thresholds. All other terms and conditions from the earlier circular (A.P. DIR Series Circular No. 17 dated November 16, 2010) remain in force.
What it means for you
Banks can now process larger individual export payments through OPGSPs without needing separate approvals, easing cash flow for exporters dealing in higher-value digital transactions. This change reduces operational friction for AD Category-I banks by aligning the cap with actual business needs. Lenders should update their internal systems and customer advisories to reflect the new USD 3,000 limit immediately.
What you must do
- Update internal processing systems and standing arrangement documentation to reflect the new USD 3,000 per-transaction limit for OPGSP export remittances.
- Communicate the revised cap to all relevant constituents and customers, especially exporters using online payment gateways.
- Ensure compliance with all unchanged conditions from the November 2010 circular, including KYC/AML requirements and reporting obligations.
- Train staff handling export remittances on the updated threshold to avoid rejecting valid transactions.
Who it affects
AD Category-I banks, Exporters using online payment gateways, Online Payment Gateway Service Providers (OPGSPs)
Does this circular change any other conditions besides the transaction limit?
No. All other terms and conditions from the earlier circular (A.P. DIR Series Circular No. 17 dated November 16, 2010) remain unchanged.
When does the new limit of USD 3,000 take effect?
The revised limit is effective immediately from the date of the circular, October 14, 2011.
Which banks are covered by this circular?
All Category-I Authorised Dealer banks are required to implement these instructions.