Paypal has made it mandatory for all users in India to enter their PAN card number to get the withdrawal service started again. So you would need to have a valid pan card to withdraw money from paypal to your bank. Here are some of the question and answers (FAQ) regarding the PAN card and PayPal account in India:
1. What is a PAN number?
PAN or permanent account number refers to a 10-digit alphanumeric number issued in the form of a laminated card, by the Income Tax Department in India.
2. Where do you find your PAN number?
You can find the 10-digit number printed at the front of your card.
3. Why do you need a PAN number?
PAN number is compulsory for all financial transactions as per Indian laws and regulations. PAN number provides you with a unique identification and makes it easier for PayPal to track your financial transactions. You need to have a PAN number (made mandatory by the Income Tax Department) in order to file for return of income as well as on all correspondence with any income tax authority in the country.
4. How do you get a PAN number?
To apply for a PAN card all you need to do is submit the requisite application form number 49 A to the Indian Revenue authorities.
5. I entered my PAN number wrong by mistake, where can i update in now?
Still there is no option in PayPal account where you can update your PAN card number. So contact PayPal they will update it.
6. Will PayPal verify my account name and PAN card name?
No, till now the PayPal is just taking the PAN card number of 10 digits. They are not verifying the names.