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Welcome To IANS Live - BUSINESS - CAIT seeks action against Amazon, Zomato for daylight robbery
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Welcome To IANS Live - TopStory - CAIT seeks action against Amazon, Zomato for daylight robbery
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DPIIT sends complaints by trader body CAIT against Flipkart, Amazon to ED
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Confederation of All India Traders (CAIT) has alleged that Flipkart and Amazon are in violation of FEMA rules and FDI policy by adopting illegal structuring/investments and practices.
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The Confederation of All India Traders’ complaints against e-commerce giants Flipkart and Amazon have been forwarded by the Department for Promotion of Industry and Internal Trade (DPIIT) to the Enforcement Directorate and the Reserve Bank of India “for necessary action.”
DPIIT forwarded four complaints by the traders’ body to the two agencies saying CAIT had alleged that e-commerce companies were in violation of the Foreign Exchange Management Act (FEMA) rules and FDI policy by adopting illegal structuring/investments and practices.
Centre Directs ED, RBI to Act Against Amazon and Flipkart for FDI, FEMA Violations
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In a significant development related to war between e-commerce giants and traders of India, the Union 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) alleging blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies.
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal informed that on several complaints made by the CAIT to Union Commerce Minister Piyush Goyal in the recent past against Amazon & Walmart-owned-Flipkart, the Department of Promotion of Industries and Internal Trade (DPIIT) of the Ministry of Commerce in its letter issued on December has asked both Enforcement Directorate and Reserve Bank of In
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