I know people are upset about the Paypal issue and I myself understand the pain since paypal was important for us to deal with non-Indian customers and authors. But still I can’t help but feel that the way people are reacting is funny. The typical reaction is “how the entrepreneurs are being screwed up by the bureaucrats, how they do not understand entrepreneurs” etc. All of this may be true, but this just looks like an emotional outburst. Cribbing is not going to solve the issue.
Bureaucracy has its share of issues and Indian entrepreneurs know it all too well. If you have set up a private limited company, don’t you remember the hell that was getting all the registrations in place. But does throwing tantrums like kids help? No! It won’t help here either.
I think the first step is that the discussion has to become objective and look at the actual issues. Some of the questions that come to my mind are
- What are the FEMA regulations that were being violated by paypal?
- What is the purpose of those regulations? What are they trying to control and stop?
- Can there be issues elsewhere, if an exception is made to those regulations? Can a case be made for creating an exception? How?
This is a call to all the entrepreneurs, but more importantly to the people in the ecosystem, who have the reach, who can get the information, who can influence the decision makers to start discussing the issue objectively, come up with a solution that takes into account the concerns of RBI as well and possibly try to lobby at the right place. Going and cribbing to people of influence is not going to be effective. But probably going with a solid proposal will help!