PayPal Users in India Need to Update Accounts

Written by Amit Agarwal on Aug 24, 2011

Ever since the Indian Government /RBI restricted the operations of PayPal in India, it became mandatory for PayPal users in India to provide bank account details and their income tax number (PAN) before they could receive payments or withdraw money from PayPal.

If you are using PayPal in India and haven’t provided these required account details to PayPal yet, you should do so now because today – August 22 – is the last date.

Your account will continue to remain active but you will neither be able to receive payments into your PayPal account nor can you withdraw money from PayPal to your local bank in India if the Purpose Code, PAN and bank account details aren’t available with PayPal.

paypal_withdraw

Auto-Withdraw PayPal Money to India

One more thing. The RBI rules require that PayPal users do not maintain any balance in their online account and that all money received into PayPal must be transferred to an Indian bank within 7 days.

To comply with this rule, PayPal had added an ‘auto-withdrawal’ feature that you can enable and the money will automatically get transferred from your PayPal account into your bank account in India. You can access the setting under My Account – > Profile – > Bank Account.

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