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.
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Centre asks ED, RBI to act against Amazon, Flipkart for violation of FDI and FEMA rules The Centre has taken cognisance 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 FP Staff December 31, 2020 15:53:12 IST Representational image. Reuters
The Department for Promotion of Investments and Internal Trade (DPIIT), which falls under the Ministry of Commerce and Industry, has written to the Enforcement Directorate (ED) and the Reserve Bank of India (RBI) asking them to take necessary action against Amazon and Walmart-owned-Flipkart.
The Centre has taken cognisance 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 c
Amazon and Flipkart accused of violating FDI policy Indian government asks RBI and ED to take action
Amazon and Flipkart accused of violating FDI policy Indian government asks RBI and ED to take action
IANSDec 31, 2020, 14:01 IST
TOI
New Delhi, 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) for
blatant violation of
FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies.
Govt directs ED, RBI to act against Amazon, Flipkart for violation of FDI, FEMA
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. December 31, 2020 / 03:13 PM IST
e 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) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies.