PayPal Ask Us to Give PAN NUMBER

A lot of us had personal paypal accounts and were using it for business, we were not upgrading to a premier account because that meant more fees on each transaction irrespective of whether it was funded using a credit card or paypal funds. Now on the other hand if you are a freelancer consultant you have a PAN card which is issued to you as a professional business entity and not as an individual/salaried employee. If you try to use this PAN and validate a personal account Paypal it will fail.


If you have a personal account and a professional/freelancer/consultant/business entity/company PAN card it will be rejected.

Solution, find out what your PAN card was issued as and then map it to an appropriate Paypal account. If you have a professional PAN and a personal account then by all means upgrade your Paypal account to premier and validate. Having a premier account will mean a little more losses in fees but its the legit way to do business on Paypal. Bill your clients for the extra 4% that paypal takes for maintaining premier accounts.

 

i have a personal PAN and it was added successfully in premier account .. so dont know what you are saying

 

If you are a freelancer I would strongly advise that you get the PAN card converted to a professional PAN as that is what is legal for consultants and freelancers. Talk to a CA they should be able to guide you better with the exact procedure. It takes about 15 days for the change to happen.

A Premier account having been validated by a personal or individual PAN card is good news for a lot of people for the time being but looking at the way RBI and Paypal have teamed up to clean up the system trust me this will work for only a few more days. Paypal is not going to allow personal accounts/remittances to work and so all accounts which have been validated using personal PAN cards will be again under the scanner.

Logically if you look at it here's the reasoning: A salaried person has an individual or Personal PAN number. This person is debarred from taking up any employment except from the one which pays his salary as per the contract which one signs at the time of taking up an employment. There are exceptions which have to be announced to the HR department or the accounts department and for this reason the tax filing and returns are handled by the individual. Now if this personal PAN card holder is making money on the side by moonlighting as a freelancer and not paying taxes (showing just his office income for returns purposes) this guy is evading taxes and that the GoI wants to stop. Hence on paypal, eventually, all personal PAN validated users will be allowed only personal transfers(when the personal transfers become available again). This would in turn require verification of relationship with remitter and carry a 50k INR per annum limit (yeah peanuts). Anything over this limit will attract taxes as this is the limit for personal gifts you can accept per annum from relatives.

One more thing Individual PAN might validate a premier paypal account as well as a personal paypal account but a professional can validate only Premier Paypal account and cannot validate a personal paypal account.

Free advise hai bhaiyya lena hai to lo nahin to jaane do.... kuch din baad yaad karoge.....

 

i feel currently PAN card is only needed as proof..they wont be updating it for the transcations and stuff..

 

They have our data and they are obliged to give to RBI or IT whenever demanded, so it doesnt matter now or later . . the bottomline is we better start documenting these transactions . . .

 

Guys i contact PayPal,so am sharing that with you now

1. If your Name of the PayPal account and the Name in PAN card doesn't match your PAN card Number will not accept by PayPal...

The only way to solve the Problem is you want to change the Name according to your PAN card,For that they are asking some Proofs through Fax...So now am on the way to send the Fax..Will Update you soon....

Thanks

 

I know a friend who used another friends PAN number and it accepted !!

Though i advised him to not to do that, but the point is that it accepted !!

 

its must be luck..But soon he will suffer(may be they limited the account)

 

I agree with you that it might be limited soon, i was not trying to show that as an escape route . . i just said that to prove that paypal is not verifying paypal user name and PAN card name while u enter the number . . . which several users are thinking might be a reason of not accepting the PAN number . . the reason is something else. . .

 

Here is a reply I got from PayPal regarding Pan Card.

So currently we don't need Pan Card for money withdrawal.

 

I thought this is all over all Paypal accounts...
BTW, what is PAN number?

 

This problem is limited to Indian paypal accounts

 

I have entered my pan card and it works fine for one account. I tried to add the same pan card on another of my paypal account that didn't work

 

Nope,Just for Indian paypal users...
you can get all infomations from here

 

There is a workaorund for this PAN.

When they ask you for PAN. On the same page just click on the Paypal logo and you will be able to Access your Account.

 

I own a Business account at PayPal. I also got a PAN of my Business and my Business Name is same on both PayPal and PAN but still PayPal is not accepting my PAN at their system. What should be the problem? But it seems, we can send and receive money without entering PAN, I am skipping it every-time.

 

Paypal got all things screwed up.
Reversed payment, reversed bank withdrawal, made IEC code problem, made purpose code problem, now making problem on PAN Card.

Someone in this thread posted that, they got a reply from paypal saying, if you dont have PAN, withdraw using purpose code.
Dont know this thing works for a long time.

Lets wait how paypal deal with the pancard problem.

Paypal should credit users pan to their account. Without doing this, why they making problem on matching name?

Indians have initials and surnames. And this may not work on online systems.

So paypal should just credit the pan number from the user to his paypal account.

If we go for changing pan details on incometax department, is anyone sure that changed pan card will be accepted in paypal?

That said, all things completely messed up.

They just need to credit our pan number to our paypal account.

Bunch of fools..

 

i dont know why people having problem,
my PAN number is easily accepted.

 

I asked them but got no reply. I think there is no problem as some people are referring may be RBI has 2-3 days off due to festival. When I asked question regarding Pan Card, PayPal replied and said I can withdraw money without Pan Card just need to enter Purpose Code.

If they did had some problem maybe PayPal would have told me not to withdraw amount at this point in time. I am just guessing, can't say for sure.