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PayPal India asks for PAN details

by Ashish Mohta

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According to latest update we got on comments and confirmed the same, PayPal India asked Indian users to enter PAN or Permanent Account Number details as soon as they Login and it is compulsory.

Paypal PAN
Paypal PAN

According to the FAQ here :

Why do you need a PAN number?

PayPal FAQ Details
PayPal FAQ Details

This is an excellent step by which RBI and Income tax both can get control over the illegal money that might be flowing inside India and a good option for Paypal customers so that can be clear on their Income Tax Return. Recently Paypal introduced Purpose Code which was required by the RBI to track transfer of funds from Paypal to Indian Bank Accounts. You can learn How to get a PAN Number.

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