It seems PayPal started executing policies for Indian PayPal users for which we got 30 days prior notice from paypal in the month of Feb 2011, (related to upcoming changes in paypal for Indian paypal users with effect from March 1, 2011) https://www.paypal-apac.com/india/ and this new regulatory update is related to adding/providing all necessary information in paypal account and the details are like we need to add purpose code, Permanent account number details and also bank details in our paypal account. The Purpose of providing all information is this helps paypal to do the direct credit of funds in bank account in order to follow compliance rules from Reserve Bank of India.
PayPal sent email to Indian PayPal users and the content of email are like:
As part of our ongoing effort to comply with the requirements set out in the notification of the Reserve Bank of India (“RBI Guidelines”) that apply to all online payment gateways, all PayPal users in India will be required to add the following to their PayPal account in order to continue to receive export-related payments and withdraw money:
|•||A purpose code related to the majority of commercial activities for export-related payments|
|•||A PAN or Permanent Account Number|
|•||A bank account in India (if not previously added)|
To add a purpose code, PAN and bank account:
1. Log into your PayPal account at www.paypal.com/in
2. You’ll find prompts on the top of your “My Account” page asking you to “Add” your PAN, purpose code and bank account
3. Click on the “Add” links and follow the instructions.
Additionally, PayPal users in India are required to provide a current and accurate postal address on their PayPal account. To ensure that your address is up-to-date:
|•||Log in to your PayPal account at www.paypal.com/in |
|•||Click on “Profile” and select “Add/Edit Street Address”.|
In case you have any queries, please log into your PayPal account and click on 'Contact Us' at the bottom of the page.
For users who have already added a purpose code, PAN, and a bank account in India, as well as validated their postal address, please treat this email as a reminder only.