CAIT calls for a regulatory body to govern e-commerce companies
February 22, 2021
The government should set up a regulatory authority to monitor and regulate e-commerce businesses in the country, and it should be empowered with due rights to penalise these companies in case they violate India’s laws, the traders’ body Confederation of All India Traders (CAIT) said. In a letter to Prime Minister Narendra Modi, the trade union also called for the government to issue a fresh Press Note, “blocking” e-commerce companies from violating India’s FDI rules. Press Notes are filed by the Commerce Ministry’s Department for Promotion of Industry and Internal Trade to regulate Foreign Direct Investment rules.
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The government should look at regulating cryptocurrencies instead of a complete ban, investors and cyber law experts told TOI. Indian investors, however, will not face prosecution for prior actions if a ban is implemented. The value of a single Bitcoin was at $58,000 on Sunday and its market capitalisation was $1.1 trillion which would make Bitcoin the sixth most valued stock had it been a company.
Shetty said a ban is not a solution and that is primarily why the US, the UK and Singapore are working on regulation. “There are over 340 crypto startups in India. A ban will erode wealth and also prevent India from participating in this innovation,” Shetty added.
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