Is there any rules & regulation regarding privacy policy? Can I use hell of privacy policy ? Suppose if I used to store user login information in excel sheet, & state in privacy policy that... "User information can be stored & user by site admin in internal purpose" Then Can it legally correct ? I am not use it. Just asking for my query.
I am not sure about Hell, Satan is entitled to copyrights too. But you may want to check out some of the privacy policies makers online available on the Internet
What you mention seem to be legal and correct. What could be illegal or immoral is not mentioning what you are doing with the information. You can write whatever you want. The important aspect is to be honest with people. Naturally, if you are trying to do too much with your clients or visitors information, they may tend to be repealed by the way to you are doing business.
In general your privacy policy can say anything you want it to. It is your policy after all. Personally I would make a privacy policy as broad as reasonably possible. People don't read them anyways so it isn't like you are going to chase customers away with your privacy policy.
I disagree. Everytime we make a change to our PP or TOS, we almost always get customers questioning the changes.
On my site we rarely get anyone reading them, but it's always handy to keep it up to date, you never know what might happen.