There seems to be a problem with the Paypal server. Wait for couple of days and try to update your PAN number.
Guys ,Issue is Regarding Business accounts in name of Private Limited Companies and Not on Individual paypal users Problem is paypal is accepting personal PAN but not the company PAN...
Simple i used to click on "security center" and then "my account", and have been operating my account since all this started,,,,, just sit tight and wait for paypal to sort their algorithm out,... maybe try in a week, M.