PayPal, Payoneer or Stripe: What RBI's OPGSP Rules Mean for Online Sellers Getting Paid on Marketplaces

Platforms named in the question are shown alongside the 2 highest payouts among the platforms this site covers, ranked by the INR received on a $5,000 invoice. Fees were checked on 30 Sept 2026.

Five sets of rules apply to Indian online sellers getting paid on marketplaces: the FEMA export regulations of 2026, RBI's Master Direction on payment aggregators, the IEC requirement in the Foreign Trade Policy, the IGST Act's export and zero-rating sections, and CGST Rule 96A on the LUT. The OPGSP circulars that many seller guides still quote were repealed in September 2025, with a saving only for an existing PA-CB that applied by 30 April 2024 and awaits RBI's decision.

The purpose code for Indian online sellers of physical goods usually comes from Group 01, Exports (of Goods), of RBI's FETERS purpose code list. The right code depends on whether the money is a payment after shipment or an advance, so confirm it with your AD bank. See purpose code for export of goods.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the XE mid-market rate for 4 Nov 2026. Platforms without full published pricing are not included.

For example, on a $2,000 invoice Skydo pays about ₹1,86,972 and PayPal about ₹1,73,819 at today's reference rate, a difference of ₹13,154.

Each marketplace payout to an Indian online seller ties back to an IEC, an EDF or shipping bill filed at export, a valid LUT if you bill without IGST, a bank record of the inward remittance and an e-BRC when you need proof of realisation. The payment platform changes who supplies the records, but the export duties stay with the seller.

The main 2026 change for Indian online sellers is that the FEMA export regulations of 2026 came into force on 1 October 2026, and RBI Circular No. 20 superseded the Master Direction on export that day. A 22 September 2026 amendment set realisation at nine months, and the OPGSP limits in older seller guides no longer apply.

• New regulations: The FEMA (Export and Import of Goods and Services) Regulations, 2026 came into force from 1 October 2026, and A.P. (DIR Series) Circular No. 20 supersedes the Master Directions on export and import from that date.
• Shorter period: The amendment of 22 September 2026 set the realisation period at nine months, or twelve months for rupee invoices, replacing the fifteen and eighteen months in the regulations as first notified in January 2026 (Regulation 5). See export realisation period.
• OPGSP gone: The Master Direction on Payment Aggregators of 15 September 2025 repealed the OPGSP circulars. The DGFT e-commerce export handbook still describes the old OPGSP route for goods up to $10,000. See PA-CB vs OPGSP.
• Higher limit: A PA-CB may now process up to Rs 25 lakh per transaction under paragraph 11(d) of the Master Direction. See PA-CB transaction limits.
• Income-tax Act: The Income-tax Act, 1961 stands repealed on 1 April 2026 and the Income Tax Act, 2025 applies from that date, while matters for earlier years are not disturbed (Income Tax Department FAQ).

Every rule is linked to its official source below with the date it was checked. Platform figures come from each platform's own pages; the full method is on the methodology page.

1. Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification FEMA 23(R)/2026-RB, amended up to 22 September 2026, Regulations 1(2), 3(1), 4(2) and first proviso, 5(1)(a), 5(1)(b) and provisos; footnotes 2 to 4 on the 22 September 2026 amendment (checked 6 Oct 2026)
2. RBI A.P. (DIR Series) Circular No. 20 (RBI/2025-26/194): Export and Import of Goods and Services, 16 January 2026, Supersession of the Master Directions on export and import from 1 October 2026 (checked 6 Oct 2026)
3. RBI Master Direction on Regulation of Payment Aggregator (PA), RBI/DPSS/2025-26/141, 15 September 2025, Paragraph 4(i)(ii) and Note 2; paragraph 11(d) and 11(h); paragraph 19 (checked 6 Oct 2026)
4. Foreign Trade Policy 2023, Chapter 2: General Provisions Regarding Imports and Exports (DGFT), Paragraph 2.05(a), Importer-Exporter Code (checked 6 Oct 2026)
5. IGST Act, 2017, Section 2: Definitions (CBIC tax information portal), Section 2(5), export of goods (checked 6 Oct 2026)
6. IGST Act, 2017, Section 16: Zero rated supply (CBIC tax information portal), Section 16(1)(a) and 16(3) (checked 6 Oct 2026)
7. CGST Rules, 2017, Rule 96A: Export of goods or services under bond or Letter of Undertaking (CBIC tax information portal), Rule 96A(1)(a) (checked 6 Oct 2026)
8. RBI: Guidelines for Submission of Data, Foreign Exchange Transactions Electronic Reporting System (FETERS), purpose codes for receipts, Receipts, Group 01 Exports (of Goods): P0101, P0102, P0103 (checked 6 Oct 2026)
9. DGFT: E-Commerce Exports Handbook for MSMEs, Courier Shipping Bill filed on ECCS; RBI guidelines section on the OPGSP limit of $10,000 for goods (checked 6 Oct 2026)
10. DGFT: Electronic Bank Realisation Certificate (eBRC), Self-certification of eBRC from bank IRMs; Trade Notice 33/2023-24 dated 10 November 2023 (checked 6 Oct 2026)
11. Income Tax Department e-filing portal: Objective and scope of the New Act (FAQs), Repeal of the 1961 Act on 01.04.2026 (checked 6 Oct 2026)
12. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
13. Razorpay MoneySaver Export Account (International Bank Transfers) pricing, Standard Plan: 0% FX markup, 1% fee, FlashLinks 2%, GST applicable, flat fee of INR 1,000 on transactions below INR 1,00,000, setup and AMC INR 0 (checked 6 Oct 2026)
14. Stripe India pricing, International cards with USD/other currency presentment 4.3% + 2% if currency conversion is required; Mastercard and Visa cards issued outside India 3% + 2%; American Express outside India 3.5% + 2%; dispute received INR 1,000.00 (checked 7 Oct 2026)
15. PayPal India Merchant Fees, Receiving international transactions; Currency Conversions (3.0% converting balance and payments received; 4.00% all other cases); Withdrawals Out of PayPal; Dispute Fees; Other Fees (Last Updated 28 March 2024) (checked 6 Oct 2026)
16. Payoneer India home (checked 6 Oct 2026)