ankeshhimesh
Active Member
We understand that RBI is interested in keeping illegal foreign flow of money in check - especially because it can help terrorists route money for their nefarious uses. But their latest issue with PayPal affects a lot of legitimate and honest internet entrepreneurs and small business owners.
We don't mind when they demand that all of the funds from PayPal has to be transferred to an Indian bank within 7 days. Because we understand that RBI has more control over banks than it has over PayPal which is a non-banking financial company in India.
But when RBI has rules in place that makes PayPal restrict the transaction size to under $500 - that hurts us a lot.
That means:
And so we are asking for your support. Please fill out the petition form below. And we will send it over to RBI. If we can make enough noise, maybe we can get them to re-evaluate this decision - and make new rules and regulations keeping us small business owners and internet entrepreneurs in mind.
We will make sure that RBI receives this petition's signatures. And we will also connect with journalists and bloggers and share your stories / connect them with you - so that they can write about this issue and make more noise. And get RBI to re-evaluate things before March 1st.
We don't mind when they demand that all of the funds from PayPal has to be transferred to an Indian bank within 7 days. Because we understand that RBI has more control over banks than it has over PayPal which is a non-banking financial company in India.
But when RBI has rules in place that makes PayPal restrict the transaction size to under $500 - that hurts us a lot.
That means:
- we face problems while selling our services as freelance writers / developers / designers / artists / musicians
- we face problems while providing consulation services to clients outside India unless our consultation invoice is less than $500
- we can't sell softwares and other digital products if their price is over $500
- we face problems while selling high end and luxury products like jewelry and electronics and sarees
- we face problems while selling collectible items like rare stamps or coins because their prices are often over $500
- we face problems while selling to other businesses because B2B sales often go over $500
And so we are asking for your support. Please fill out the petition form below. And we will send it over to RBI. If we can make enough noise, maybe we can get them to re-evaluate this decision - and make new rules and regulations keeping us small business owners and internet entrepreneurs in mind.
We will make sure that RBI receives this petition's signatures. And we will also connect with journalists and bloggers and share your stories / connect them with you - so that they can write about this issue and make more noise. And get RBI to re-evaluate things before March 1st.
Code:
http://ieoi.in/