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:
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
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: More transactions between Paypal and Bank Account levying more transaction fees on the account holdersIncreased cost of selling or buying servicesDisallowing small entrepreneurs taking project assignments worth more than $500Will result in delay in receiving and sending paymentsWill hinder the growth of IT industry and entrepreneurs of IndiaWill 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
Jai Hind!
Satyamev Jayate
original post on solidusin dot wordpress
