Paypal has issued new regulations for its users in India. Here’s what PayPal sent out in its latest email to users in India.
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:
1.A purpose code related to the majority of commercial activities for export-related payments
2.A PAN or Permanent Account Number
3.A bank account in India (if not previously added)
The PAN and Bank account details are for individual users and the Purpose code is for commercial activities. More views and reactions are expected from these new regulations.