The ongoing issue in the country between PayPal the new RBI guidelines is being shamelessly portrayed as a correct step of Reserve Bank of India by the bureaucrats, stock brokers and high capitalists of the country. Although the new rules of PayPal are set to disturb and create huge inconveniences to the Indian freelancers and small scale & growing IT Service providers, these lots are found to continue giving reasons for the guidelines.
The Time Limit of 7 Days: Dictatorship from RBI
The 7 day time limit within which PayPal users are bound to withdraw money is being portrayed by the pro-RBI lot as a mandate which will allow better tax flow and help boost economy. However in actual, -by the new guidelines PayPal was mandated by RBI to pay interest to its Indian users for keeping money for more than seven days, something which a global virtual monetary service can never comply because of obvious reasons.
This is plain dictatorship from RBI in either bringing PayPal into a framework within which the Banks in India operate, or to tie down their hands and restrict their powers in Indian market ( one of the biggest globally) so that other Banks in India can take benefits off the gap created by the situation. In fact with PayPal being tamed down, it is bigger and better chance to reap benefits for other Payment gateway services of other banks/Providers in India & abroad such as ICICI Payment Gateway (PAYSEAL), Citibank Payment Gateway, HDFC Bank Payment Gateway and AXIS Bank Payment Gateway and even third party gateway providers like CC Avenue- Mumbai, Transecute- Mumbai & Time of Money.
It would be worth mentioning that with the increasing popularity and huge fan following of Pay Pal amongst Indian customers was hampering the business of Banks in India more and more, until these dictatorial guidelines restricted PayPal, at the cost of huge blow to Indian freelancers of course.
Another question that arises here is why the Indian freelancers who work for their living for foreign services have to pay taxes to the Indian Government, apart from paying service taxes for using Internet and Phone connections. Such freelancers are mostly dependent on small projects (ranging from data entry to creation of small software’s) of foreign companies and clients because of the inability of the Government and current system to provide them with their daily bread and butter. They would work for another country with no aide and help from the Indian government and yet pay taxes to Indian Government. What for?
The 500 dollar Transaction Limit: The great Indian Bluff
With the new guideline asking PayPal to report any transactions above 500 dollars to the government, the RBI tried to showcase that the Government is now trying to have better transparency and control of funds flowing in and out of the country. But the question is, – all this while was there no check or verification on transactions taking place to and fro? The answer is YES, there were of course verifications of the PayPal transactions. As reported in a previous article in Times of Assam, the flow of funds to Indian PayPal customers is actually through PayPal India, which is monitored and transactions verified by Authorities. So the claim by RBI and the pro-RBI guideline group is nothing but a false propaganda, misleading public, to tie up PayPal and thereby help the capitalistic banks in India to rise and shine.
We cannot ignore the fact the millions of fraudulent money hidden by Indians in Swiss Banks have been ignored by Government so far by Authorities except for giving Ashwashan (Assurances) to eradicate it. In fact a huge number of such people whose money is well hidden in Swiss Banks are the bureaucrats, stock brokers, bankers, etc who run the show in capitalistic India. Ultimately the entire game plan of RBI in this gimmick is something similar to the Government’s lowering down costs of vegetables and food items for the public and increasing price of petrol or cooking gas at the same time, so that the people ultimately pays more (yet be happy to see onion or brinjal prices going down!). There’s no doubt rulers of India are getting more and more capitalistic, helping the same rich section getting richer by sucking everything out of the common public. The Pay pal RBI story is part of the same ploy; inconvenience to freelancers, small scale IT service providers are going to create opportunities to the bigger players, restriction on PayPal would allow Indian Banks to capture more market.
This is really a Bold artcile and must have to agree to the article. India is growing into a capitalistic menace by blindly following US and forgeting the roots and the people. No wonder there are now more rebellions against the system (both armed and democratic) all over the country ever more than before. Till now such rebellions were mostly leaded by the poor section. But if things like what is written above continues, the middle class will lead rebellions too, in coming days. And India will topple. (Hope such a day never comes though, and we bring back goodness back to our land)
Anyway, I am proud to see such write ups coming from an Assam based news site! Hope to keep getting more of the ones like above…
RBI wants to kill we freelancers. Of course we can’t pay millions of rupee of bribes to UPA ministers and RBI governor to change the rules. Clearly RBI has taken bribe from Indian Banks.
Yes the Indian Government is a Government against its own people. Thousands of Indian freelancers are using paypal to earn precious foreign exchange for the country but the anti nation RBI wants to wipe out everything with a single stroke.
Its is not about just the money. Its about pride. We as india we call ourselves as the people from with democratic country, Independent country. But does anybody realize that we aren’t actually independent ? Our words, Deeds, thoughts were always supressed by these corrupted ministers. They don’t have time to think about the HUGE scams happening in india. They want to kill us by taking our bread and butter which we found ourselves without any help by them. If their thinking was so strong to make things great. Why not grow opportunities here and make people get jobs and better opportunity. Firstly they want to cut down our mode of income and then they want to increase the prices of day to day commodity leave poeple like us no choice but dying. I never want to say this, but ministers like these are making all of us feel “HATE TO BE INDIAN” …. Sorry
I’d like to express my sincere thanks to Times of Assam (especially Priyankan Goswami) for being the only news portal or to be more precise, the only media organization in India that has been raising the gross carelessness and partiality shown towards the honest & hard-working freelancer community of India, by the Reserve Bank of India. What nobody seems to recognize is the fact that our governments that have gradually reduced to mere puppets of the rich corporates and industries, are doing everything and anything that they are directed to do by their bosses (read those with high piles of money); and these insane and mindless directives by the RBI are no exception to this.
Isn’t it highly shocking and exasperating that we the freelancers who’ve been working day in and day out to add to the foreign reserve of our nation in an absolutely honest and clean way, are being hindered to continue earning our daily breads in a totally transparent and legal manner (THOSE WHO THINK IT IS SOMETHING ILLEGAL MUST KNOW FIRST THAT PAYPAL PAYS US THROUGH OUR BANK ACCOUNTS IN NATIONALIZED BANKS, VIA NEFT MONEY TRANSFER, A SERVICE UNDER DIRECT CONTROL OF THE RBI), while those corrupt politicians and bureaucrats who’ve piled billions of rupees that had been collected by extorting bribes and stealing OUR HARD EARNED MONEY to offshore tax havens, are being faithfully obeyed by these nonsense government organizations???
And WHOEVER SAYS RBI HAS DONE IT TO CURB THE INCOME TAX IRREGULARITIES BY COMMITTED FREELANCERS, IS EITHER AN ABSOLUTELY FOOLISH PERSON OR DOESN’T KNOW WHAT ‘PAN NUMBER’ is, as every PayPal user needs to enter his PAN Number within their database that is directly reported to the government authorities.
I’m damn sure there is much more to this regressive and stone-aged move taken by RBI than meets the eye, and the big IT companies and service providers are behind it who want the freelancer community from India to work for them as petty slaves at much lower wages than what they have been earning as direct freelancers. I myself have watched the honchos of these companies lamenting at freelance job sites for offers us reportedly ‘undue wages and importance.’
According to me there are two big problems being faced by all of us, the freelancer workers from India:- 1. We are not organized and united at a platform, and 2. No media house is supporting us, barring some blogs and Times of Assam as the exception. I strongly urge all of you that let’s get united at a platform to take this issue on a wide scale and fight together in order to oppose this gross injustice.
Please forward this message to more and more freelancers in India whom you know, and ask them to contact me at indianfreelancersgroup@gmail.com so that all of us can get united and work together to get our rights restored to work as honest freelancers.
Thank you very much Times of Assam once again, for beating the media lords of India who consider Rakhi Sawant, Corrupt Babas, Cricket & Film Industry to be of much more importance for Indian people to know, than what is going in the REAL WORLD.
Arvind Arora
indianfreelancersgroup@gmail.com
I think Indian government not have mind to think about those freelancer, that how they work hard on internet to earn some money from there, I’m really so disappointed when I receive the mail from Paypal.
Its bad, let’s fight against those restrictions go to google and search for RBI-contact us, let’s fight against. We should create a site with those instructions to stop those foolish rules lets fight, we should win this and get success if all the nation does this then definitely we’ll win.
The Indian Payment gateway owners and RBI are try to Clipping the paypal wings, I’m really so disappointed when I receive the mail from Paypal for our A/c restore.