Paypal has been in a lot of news buzz in the recent few months and this is because of the Funds Withdrawal Issues, Credit Card Withdrawal option & other similar issues which is the reason many Freelancers & Small/Medium Business owners are affected and are also signing up with different Paypal Alternatives. As per the Indian Banking Guidelines, whenever you perform a deposit of more than 50000Rs in your Nationalized Bank Account, then RBI is notified about the same and at the end of the Financial Year you need to report all these transactions and pay the Income Taxes for the same.
If you login to your Paypal Account today, you will find a new screen which would ask you to Enter your Pan Card Number along with a Contact Mobile Phone Number. You can read our previous article on How to Get a Pan Card in India which is quite easy task and costs just 60Rs along with a wait of around 30days after filling the Form 49A Online or at UTI Offices.
Once you have added the required details you will get access to your Paypal account. Also you can skip this option of entering the financial details by clicking on the Paypal Logo. Please Note that even if you don’t enter the PAN Card details the RBI has always access to all your Bank Transactions because in most cases Account Holders give their PAN Card Details which signing up for a Bank Account.
Amit, is it compulsory to give the PAN Card details for withdrawing the funds from PayPal, or is it optional ??
Right now it looks like a optional feature, because you can skip the page, but may be this is required by the RBI to count in all the transactions for the Tax Purpose.
If you don’t enter your PAN number than you will not be able to withdraw a single rupee in your bank account.
thanks for the informing that to skip the option of entering the financial
details by clicking on the Paypal Logo. lets hope the paypal india issue will be solved soon
Hi,
what to do when you have one business account and one personal account as pan number can be used for one only. Do I need to delete the second account or is there any way to over come this.
thanx in adv.
Hello,
I have a query. Once the PAN Card is verified does it appear anywhere on one’s account profile. This question is particularly related to the security threat in revealing one’s PAN number online.
Thanks
HI I receive account limitation error and they are asking me to give more info about my account. They say an unusual transaction was detected linked to your credit card. Well I have no idea about that because I haven’t linked any debit/credit card to my paypal account. Though I receive a field to enter my PAN number just after the login. I dont’t have a pan card yet and I am thinking of getting one soon. will filling that lift all the limitation from my account? Coz I am unable to receive or withdraw money. The same question I asked form their Customer Care and they replied with a computer generated auto mail