Paypal requires PanCard details from Indian – Problems with Paypal again

PayPal start asking for Pan Card details from Indians as a directive from Reserve Bank of India. PAN stands for Permanent Account Number which is issued by Income Tax Department.

If you don’t have a PAN Card number , you will be  having issues with PayPal account. Most of the users were able to update the PAN card number without any trouble. You won’t be able to update any fake pan card numbers because the Name on PayPal should exactly match with the name on PAN Card.

Few FAQs published on Paypal site

Where do you find your PAN number?

You can find the 10-digit number printed at the front of your card.
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.

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.
* To download PAN application forms or to learn more, visit http://india.gov.in/outerwin.php?id=https://tin.tin.nsdl.com/pan/form49A.html

Tags: india