Last Date for Indian PayPal Users to Update Their Bank Account & TaxDetails

Right after the Indian Government (RBI) levied a restriction on the operations of Paypal in India, it made compulsory to provide bank account details and also the PAN (income tax number) in order to receive or withdraw money from PayPal.

And now, the deadline given by PayPal India is ending today i.e., August 22, 2011. I'm not sure if the deadline will be postponed.

What if I didn't update Bank details & PAN number in Paypal?

Your Paypal account will function actively but you'll neither be allowed to receive or withdraw money from the account to your local Indian bank if you fail to update the purpose code, bank account details & income tax number.

So, it's better you update these details immediately (if not done) to avoid these restrictions.

Also, PayPal has added a new feature called "Auto-Withdrawal" through which you can let the money in your paypal account to automatically get transferred to your bank account.

To enable this setting, simply go to My Account -> Profile -> Bank Account.

Note: Remember that this facility has been added for the sake of Indian Paypal users, because as per the RBI rules, a Paypal user should not maintain any balance in their account for more than 7 days.