{"id":18413,"date":"2011-05-11T18:39:51","date_gmt":"2011-05-11T13:09:51","guid":{"rendered":"https:\/\/www.quickonlinetips.com\/archives\/?p=18413"},"modified":"2020-05-24T10:49:52","modified_gmt":"2020-05-24T05:19:52","slug":"paypal-india-needs-purpose-code-pan-bank-account","status":"publish","type":"post","link":"https:\/\/www.quickonlinetips.com\/archives\/2011\/05\/paypal-india-needs-purpose-code-pan-bank-account\/","title":{"rendered":"Now PayPal India Requires Purpose Code, PAN, Bank Account"},"content":{"rendered":"<p>PayPal India now makes it mandatory for all Paypal users in India to <strong>add Purpose Code, PAN, Bank Account <\/strong>to withdraw\u00a0money\u00a0from Paypal. This is in\u00a0<a href=\"https:\/\/www.quickonlinetips.com\/archives\/2011\/01\/paypal-india-payments-restricted-again\/\">continuation of its restrictions<\/a> to comply with Indian Reserve Bank of India (RBI) guidelines.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-18414\" title=\"paypal-addcode\" src=\"https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-addcode.png\" alt=\"Paypal add purpose code\" width=\"500\" height=\"49\" srcset=\"https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-addcode.png 500w, https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-addcode-150x14.png 150w, https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-addcode-300x29.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<h3>Paypal India Restrictions<\/h3>\n<p>In an email sent out to all Paypal India users, they informed all PayPal users in India will need to add following details to continue export-related payments and withdraw money:\u00a0\u00a0Purpose code,\u00a0PAN Number and\u00a0Bank account number in India.<\/p>\n<p>Earlier only PAN and mobile number were mandatory and users were able to withdraw via cheque (limit of $2500 per month) without a purpose code. Now Paypal requires that you need to add a PAN number, compulsorily specify a <a href=\"https:\/\/www.quickonlinetips.com\/archives\/2010\/03\/paypal-india-purpose-code\/\">purpose code<\/a> identifying type of payment and specify a bank account number too to verify your bank transactions.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-18415\" title=\"paypal-purpose-code\" src=\"https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-purpose-code.png\" alt=\"paypal india purpose code\" width=\"500\" height=\"252\" border=\"1\" srcset=\"https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-purpose-code.png 500w, https:\/\/www.quickonlinetips.com\/archives\/wp-content\/uploads\/paypal-purpose-code-300x151.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p>Earlier RBI had\u00a0<a href=\"https:\/\/www.quickonlinetips.com\/archives\/2010\/02\/paypal-stops-india-payments\/\">stopped Paypal payments<\/a> to and from India, which was later restored after Paypal complied with law guidelines. Then\u00a0<a href=\"https:\/\/www.quickonlinetips.com\/archives\/2011\/01\/paypal-india-payments-restricted-again\/\">Paypal restricted Indian users<\/a> that that they\u00a0may not use Paypal funds to buy goods or services and balance funds must be transferred to bank account in India within 7 days. In addition,\u00a0Export-related payments for goods and services to PayPal may\u00a0not exceed US$500 per transaction.<\/p>\n<p>That meant a lot of small businesses and bloggers now had to disclose income sources, transfer money back to India and pay taxes on the newly declared income. This was a step by RBI to get more accountability of money transfer using Paypal in India. Now the requirements are more tight as people find Paypal alternatives.<\/p>\n<p>How have these rules affected your Paypal experience in India?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PayPal India now makes it mandatory for all Paypal users in India to add Purpose Code, PAN, Bank Account to&#8230;<\/p>\n","protected":false},"author":4,"featured_media":18415,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1],"tags":[24],"class_list":["post-18413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips","tag-india"],"_links":{"self":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/posts\/18413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/comments?post=18413"}],"version-history":[{"count":0,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/posts\/18413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/media\/18415"}],"wp:attachment":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/media?parent=18413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/categories?post=18413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/tags?post=18413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}