The matter might have been talked about in some other threads but I just can't seem to find the exact answer so thought of asking it again.I apologize if this has been repeated but I really need a reasonable and logical answer from you all. We all know by now that if your paypal is an Indian account then in order to withdraw funds to your bank PAN Card information is needed.Although this requirement might not have been made mandatory yet but found here others are telling that it could be made mandatory soon either by paypal or RBI. Anyways my question is (say) I don't withdraw my paypal funds to any banks (whether it be Indian or any foreign bank attached to the account) but just use the funds online or just make transfers to other foreign paypal accounts or even to other Indian paypal accounts then do I still need to submit PAN,considering the paypal is verified with a card and not any bank accounts and is running quite well since the last two years? Hope I made it clear to you all. Looking forward for your handy suggestions and useful replies.
I guess Paypal will make it mandatory to have PAN for all Indian accounts as they would not want to falter with submitting the same to RBI every withdrawal! As regards your not looking to withdraw, I guess you will still need it as it would be tough for Paypal to differentiate accounts on those criteria... It would rather prefer to insist on blanket PAN submission for all Indian accounts! Regards, RightMan
Update PAN details on PayPal and file returns, that is the only option now as RBI has a track of all the money coming in India now.
Man it PayPal ( made in USA ) and not any Indian Company that depends on others to get an application build for them He is not remitting or withdrawing money to india ... he is using paypal as other use it online
Your statement is highly biased and unwarranted. Not all USA companies are very efficient and similarly... not all Indian companies are inefficient in doing their own job! As regards the PAN requirement, well... Paypal has demanded the same, right after log-ins and not while doing the withdrawals. It speaks about their intentions of how they wish to incorporate the same into personal details of all Indians... rather than just for withdrawals! Regards, RightMan
Yes its necessary to add a pan card even if you want to use that fund for any purpose. Whats wrong with adding a pan card , if you are going to make expense then you can add as expenses in your account so no need to pay taxes