I have resolved it. The error itself says everything but I didn't get it.
I have to specify the correct Merchant Email ID in the business
argument in the Button Create method as below:
var payPalButton = PayPal.ButtonManager.SubscribeButton.Create(
business: "xxx-facilitator@xxxxxxxx.com",
itemName: "Subscribe to premium account",
a3: "10.00",
p3: "1",
t3: "M");
Hope it is clear.
Thanks.!!