The problem is with Billdesk though(And yes by vicarious liability the CEO would be responsible). And RBI refusing to regulate while mandating such bureaucracy.
Indian Regulators approach was always pathetic other than RBI also
This has non monetary impacts too. Brain drain or if it can’t be drained, then by reducing competition and enforcing nepotism, economy becomes innovation infertile by design.
No no my point was different , in India we need to avoid sentiment about NRI’s , there are not there to help India in any way , just they are interested in making money & safe guarding it in keeping in NRI accounts of Indian Banks
I agree. But what the “no” for?
While begging others and simultaneously putting more barriers on service exporters(who actually bring in dollars without needing to return it or pay interest on it). Rupee would be destroyed - sooner or later by Gov’t and RBI.
about this one
Until few years back my bank asked for invoices, and there was one time declaration wrt purpose/country required. Dont know how that has changed now (sold my firm 4 years back). I think it got easier in between, and now tougher again…
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I mean brain drain means people who have the ideas and innovation can’t do their business in india and therefore leave India to build it elsewhere and no why should they care for this bureaucratic nightmare?
Apparently they are asking to fill forms every month now.
Simpler and cleaner regulations.