Centre directs ED, RBI to act against Amazon, Flipkart for FDI, FEMA violations
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Centre directs ED, RBI to act against Amazon, Flipkart for FDI, FEMA violations
IANS / Updated: Dec 31, 2020, 14:50 IST
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NEW DELHI: In a significant development related to war between e-commerce giants and traders of India, the government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart.
The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders (CAIT) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies.
Traders’ body says Commerce Ministry has flagged violations by Amazon, Flipkart
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December 31, 2020 20:00 IST
CAIT says its complaints regarding violation of FDI policy and FEMA rules by e-commerce giants have been forwarded by DPIIT to ED, RBI.
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Minister for Commerce Piyush Goyal
| Photo Credit: Kamal Narang
CAIT says its complaints regarding violation of FDI policy and FEMA rules by e-commerce giants have been forwarded by DPIIT to ED, RBI.
The Commerce Ministry has forwarded representations of alleged violations by Amazon and Flipkart to the Enforcement Directorate and the Reserve Bank for necessary action , according to traders’ grouping CAIT. The Confederation of All India Traders (CAIT) had alleged that the e-commerce players violated FEMA and FDI rules.
Mastercard launches Team Cashless India campaign
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AAA Mastercard has launched its Team Cashless India campaign here to cashless transactions, especially in the SME sector. The campaign is engaging with merchants and consumers to create awareness about digital payments. Mastercard’s teams are visiting the main commercial areas,such as Oppanakara Street, RS Puram, Raja street and TK market to interact with merchants about the importance of digital payments.
Further, Mastercard, in partnership with cricketer Mahendra Singh Dhoni, will encourage everyone in Coimbatore to nominate one or more merchants who currently do not accept digital payments. Mastercard will provide select nominated merchants and consumers a chance to join the cricketer’s Team Cashless India. Mastercard will work together with Confederation of All India Traders (CAIT), acquirer banks and fin-tech companies to support nominated merchants to deploy digital payments acceptance
CAIT urges FM to postpone rollout of Rule 86B in GST; terms it counter productive
CAIT, in a letter to Sitharaman, has drawn her attention towards Section 86B, saying that it is a counter-productive step which will load the traders further with burden of compliance and also much financial obligation
PTI | December 26, 2020 | Updated 08:20 IST
Union Finance Minister Nirmala Sitharaman
Traders body the Confederation of All India Traders (CAIT) on Friday urged Finance Minister Nirmala Sitharaman to defer the implementation of Rule 86B in GST, whereby businesses with over Rs 50 lakh monthly turnover will have to pay at least 1 per cent of their GST liability in cash, terming it a counter productive measure that will increase the traders compliance burden.
Amazon-Future case | Government needs to enforce FDI rules in substance rather than form
Delhi High Court finds that Amazon’s deals with Future Group amounts to control of Future Retail and violates FDI laws. M Rajendran
Rank 4 | Company: Amazon (Image: Reuters)
Foreign Direct Investment (FDI) is a critical component to boost economic growth in a capital starved nation such as India. At the same time, the rights granted to foreign capital should be balanced against the development needs of the country so that foreign monopolies do not take root and destroy local small businesses.
Thus, in an area such as the retail sector, the Indian government – regardless of the political party in power has been cautious in allowing FDI. But that has not prevented foreign companies in trying to seek a toehold in this fast growing sector (expected to reach $1.75 trillion by 2026), sometimes by breaking the rules. The government must take these