PayPal PAN Problem

Discussion in 'PayPal' started by anandfrank, May 9, 2011.

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  1. #1
    All must have known about the recent RBI guidelines, I don't have PAN card which means i can't withdraw any funds for the moment. But what will happen to the funds after 7 days, usually it will withdraw to my bank automatically. What will happen now?
     
    anandfrank, May 9, 2011 IP
  2. nihangshah

    nihangshah Prominent Member

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    #2
    I'll suggest you get PAN card. It helps track transactions and is required by most financial institutions in India.

    You can withdraw funds via check. Paypal doesn't ask for Purpose code or PAN card. But, you need minimum $150 to withdraw.

    The 7 day withdrawal rule isn't implemented yet.
     
    nihangshah, May 9, 2011 IP
  3. ishan

    ishan Prominent Member

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    #3
    As Nihang suggests, get a PAN card. Its required for everything now, right from opening a bank account.

    Also, funds coming into your bank account. may be subject to 20% TDS if you do not have a PAN card.
     
    ishan, May 9, 2011 IP
  4. johnmacellen

    johnmacellen Member

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    #4
    you really need pan card.
     
    johnmacellen, May 9, 2011 IP
  5. karthimx

    karthimx Prominent Member

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    #5
    You have to wait until have your PAN card or withdraw via check.
     
    karthimx, May 9, 2011 IP
  6. anandfrank

    anandfrank Peon

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    #6
    Ok, I Applied for a PAN card just now, Will the funds in my account remain as it is until i take further action?
     
    anandfrank, May 9, 2011 IP
  7. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #7
    I think yes. Moreover that you can also let them know (paypal) that you have alread applied for a PAN CARD.

    DON.
     
    deluxdon, May 9, 2011 IP
  8. Laora

    Laora Peon

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    #8
    i also dont have pan card
     
    Laora, May 13, 2011 IP
  9. klutter

    klutter Peon

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    #9
    PAN card needed only for Indian users and no one else.
     
    klutter, May 13, 2011 IP
  10. Ragu_007

    Ragu_007 Well-Known Member

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    #10
    You can have your money for more than 7 days in your account. It doesn't cause any problems to you. You can apply for PAN and you can withdraw the funds. You can get a PAN card within a week.
     
    Ragu_007, May 13, 2011 IP