........The rationale for its initial strict regulations, according to the RBI, was that several service providers had allowed exporters to retain the export proceeds abroad without repatriation, resulting in violation of the provisions of the Foreign Exchange Management Act (FEMA) 1999. “Online payment gateway service providers have been finding it easier over the last few years, with the RBI easing up on some of its earlier regulations. If all goes well, PayPal may soon be allowed to resume its Indian operations as well,”...........
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