I am still waiting for PAN and want to withdraw. Want to know if paypal withdraw now still works with out PAN? Or they have stopped it?
PAN is needed in Banks compulsarily but paypal isnt a bank... who knows maybe PAN is to be added for verification purpose only and ntn else
Withdrawls will not work without Pan card.Pan care are compulsary needed both for Paypal account and for ur bank.
Your totally wrong in this matter. I have withdraw 3 times without adding my PAN. PAN Card is not compulsory for Paypal.
It could be possible that you withdrew money from paypal without having to submit your PAN info, however As per section 206AA introduced by RBI Finance (No. 2) Act, 2009 effective April 01, 2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits and 30.90% in case of NRO deposits Additionally, in the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
^^ What did you just say ? It's all greek. Anyways, withdrawals are possible without PAN till date. But still it's a risk as Timir said.
dude, What I meant is that it could be true as you said that you were to withdraw money from your paypal to your bank account without having to submit your PAN information. However, the rule I mentioned in the above post was announced by the RBI before this Financial year begin. It simply says that you if you fail to furnish the PAN information when attempting to withdraw this money from your bank account, the bank shall deduct 30 % of your withdrawl amount. No I am not a tax lawyer, this information is flashed to all the HDFC bank customers since quite some time.
Paypal is NOT a bank... That rule applies only to Banks in India. And your Bank should demand PAN # if you intend to deposit the specified amount... However most of the Banks ask for PAN# while opening the account.