Barely a month after making changes to its policies in order to comply with Reserve Bank of India (RBI) guidelines, PayPal has sent out emails to all its Indian users ordering them to add a purpose code, Permanent Account Number (PAN) and an Indian Bank account to continue receiving export-related payments and withdraw money from their accounts.
According to the email, this is part of its ongoing effort to comply with the requirements set out by RBI.
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How to add PAN/Account Details/Purpose code:
1. Log into your PayPal account.
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.
That aside, PayPal also urged Indian PayPal users to make sure they have a current and accurate postal address on their account by selecting “Profile” and “Add/Edit Street Address” to make the appropriate changes.