An eye opening and waves flooding post for the thinkers and the action takers

Regards
Green Chillies Web Solutions Pvt Ltd

However, as the owner of a small IT firm, I think it is now in our hands to rather think of an alternative. A Paypal alternative, no matter how credible it is, would surely follow the same path and get in the same soup soon enough as more and more people start using it. Rather we need to find out an option in Wire Transfer or maybe have an online payment option through services like CC Avenue on our websites. The latter definitely is an expensive solution, but it is more likely to get through these RBI regulations since it works with CC and Indian Banks. Maybe we are just looking at a little more capital investment and little more break-even period. No matter what, hindrance to the growth is inevitable. We just need to reduce it as much as possible.

Reserve Bank of India: Another puppet of corrupt government of India
(The new rule killing entrepreneurship and a black act to collect taxes for corrupt & starving politicians)

Read below:
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Upcoming changes to PayPal User Agreement for India with effect from 1 March 2011

With effect from 1 March 2011, Paypal Users are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways (“RBI Guidelines”). In order to comply with the RBI Guidelines, Paypal user agreement in India will be amended for the following services as follows:

1. Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and

2. Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction. We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner
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The impact of the above will be as follows:

1. More transactions between Paypal and Bank Account levying more transaction fees on the account holders
2. Increased cost of selling or buying services
3. Disallowing small entrepreneurs taking project assignments worth more than $500
4. Will result in delay in receiving and sending payments
5. Will hinder the growth of IT industry and entrepreneurs of India
6. Will mount unemployment among already struggling professionals

It is apparent from the above that this rule has been specifically brought in effect to benefit corrupt politicians, governance and large companies

Whether you are a service provider, freelancer or a small entrepreneur, you must strongly oppose and protest this black rule

This blog post is also being sent to RBI, Banking Ombudsman, Ministry of Finance, Supreme Court of India
मेरी नज़रों में यह सिस्टम एक चर्बी वाला कारतूस है और मैं इसे मुंह लगाने से इन्कार करता हूँ

इधर जंगल का कानून चलता है …
हर ताक़तवर अपने से कम को मारकर जीता है… मारकर