Just received email from Paypal about their policy update in accordance with the RBI guidelines and was really shocked – annoyed to read it.
The policy update in Paypal says that:
1. Any Indian could not use paypal for sending payment for goods or services.
Meaning: Paypal is literally dead.
2. Paypal balance should not be kept for more than 7days.
Meaning: Even if you earn low – very low in any week you cant keep that money.
RBI is urging the use of credit card for all the transactions that we do online that’s why it is:
3. You have to link your credit card for payment.
Meaning: Government wants to track each and every transaction.
4. No more than $500 per transaction.
Meaning: You live and die poor – as we exploit you more.
I don’t think Government is doing any good for the common people. They are restricting every thing that comes-by. This move could directly hamper the IT entrepreneurs.
Upon asking the question about this policy – Government will say they are doing this to protect and keep a check on the transactions so that no-illegal activities takes place. But could someone tell them – if someone is indulge in illegal activities will that FOOL use paypal for transactions – because we already have PAN card and credit card information added to paypal.
Therefore, this policy update is nothing – but a direct hit on the right to live in India. At present it feels like there is no democracy in India.