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PAN card in PayPal India question and answers (FAQ)

paypal-pan-card-India

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.


3 Comments

  1. Sonia · July 30, 2010

    A new fact about Pay Pal :
    I applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they again asked me for a authorization letter from our Society members on the letter head of the Society, I submitted it as per they said, but after completing all the formalities they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied. Now I have no other option left, so I signed with ccavenue, but the cost of basic signup is around 8500/- and the per annum fee is Rs 1500/- after tax, I think PayPal is playing with Indian customers, We wrote a letter against this to the Reserve Bank of India, and also file a RTI to know the working of PayPal in India, after searching on the Internet we also found that PAYPAL is run by ebay, and found tons of complaints against ebay http://www.consumercourt.in/online-shopping/ , after collecting data of ebay customers, we called them personally and found a big scam, we are planning to file a Public Interest litigation, against HomeShop 18, IndiaTimes Shopping, Ebay, AVA etc,
    Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.

  2. Bakthi · July 30, 2011

    Hi,

    After creating my paypal account, I am getting “Your account access is limited.” When I clicked “Learn How to remove this limitation” link, it shows PAN status : Verification in progress. Do you have any idea how long it will take for PayPal to validate my PAN?

  3. Unez · September 15, 2011

    Even I am facing the same problem Bhakti. Have your PAN got verified???

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