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.