Previously when you used to add an Indian bank account in Paypal,they use to verify it.Process of verification was that Paypal used to deposit two small amount in your bank account. User was suppose to put those amount in Paypal verification module.
After resolving issue with RBI it seems they have withdrawn the verification process.My take is that you are now suppose to provide reason for bank withdrawal. Now when you add an bank account,it is instantaneous and it's status is "Primary" (if it is first bank account).
However, you you click on "status" link shown in above image, it still refers to old procedure.
Note: there is no more confirm button against bank account.Refer first image.
What does it mean to you? I have not seen it on Paypal blog but possibly you no more can verify your Paypal account using bank details in India.You will need credit card verification in this I suppose.Any new user to Paypal, what was asked to you?
Secondly, if you would like to withdraw money in your bank from Paypal,make sure bank details are correct,otherwise Paypal with deduct bank charges and other fees.As per Paypal -
Note:Please make sure that the information you provided is complete and correct. Otherwise, the amount will be returned to your PayPal account (deducting any bank charges) and a return fee will be charged.
One interesting development for Indian users, paypal is asking for PAN(Permanent account details) for users in India.So it seem like you may have to mention Paypal transactions in tax filing.
Are you using Paypal account in India? Have you seen these changes?
After resolving issue with RBI it seems they have withdrawn the verification process.My take is that you are now suppose to provide reason for bank withdrawal. Now when you add an bank account,it is instantaneous and it's status is "Primary" (if it is first bank account).
However, you you click on "status" link shown in above image, it still refers to old procedure.
What does it mean to you? I have not seen it on Paypal blog but possibly you no more can verify your Paypal account using bank details in India.You will need credit card verification in this I suppose.Any new user to Paypal, what was asked to you?
Secondly, if you would like to withdraw money in your bank from Paypal,make sure bank details are correct,otherwise Paypal with deduct bank charges and other fees.As per Paypal -
Note:Please make sure that the information you provided is complete and correct. Otherwise, the amount will be returned to your PayPal account (deducting any bank charges) and a return fee will be charged.
One interesting development for Indian users, paypal is asking for PAN(Permanent account details) for users in India.So it seem like you may have to mention Paypal transactions in tax filing.
Are you using Paypal account in India? Have you seen these changes?
A new fact about Pay Pal :
ReplyDeleteI applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied.
Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.