What changed
The per-transaction value cap for export-related remittances routed through Online Payment Gateway Service Providers (OPGSPs) has been raised from USD 3,000 to USD 10,000. This revision, effective June 11, 2013, follows a review of industry requests and is backed by an amendment to FEMA regulations. All other conditions from earlier circulars remain unchanged.
What it means for you
Banks can now facilitate larger individual export payments via OPGSPs without needing separate approvals, easing cross-border e-commerce for exporters. This reduces the compliance burden on AD Category-I banks for higher-value transactions while maintaining existing safeguards. Exporters benefit from a simpler, faster channel for receipts up to USD 10,000 per transaction.
What you must do
- Update internal systems and OPGSP agreements to reflect the new USD 10,000 per-transaction limit.
- Notify your export customers and OPGSP partners about the enhanced cap and its immediate effect.
- Ensure all other conditions from A.P. (DIR Series) Circular No.17 dated November 16, 2010 continue to be met.
- Monitor transactions to confirm they stay within the revised limit and comply with FEMA provisions.
Who it affects
AD Category-I banks, Online Payment Gateway Service Providers (OPGSPs), Exporters using OPGSPs for goods and services
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 10,000 take effect?
The revised limit is effective immediately from the date of the circular, June 11, 2013.
Which FEMA regulations back this circular?
The directions are issued under Section 10(4) and Section 11(1) of FEMA, 1999, and the regulations were amended via Notification No.FEMA.274/2013-RB dated April 26, 2013.