In a important improvement connected to war among e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve Bank of India to take needed action against Amazon and Walmart-owned-Flipkart.
The Centre has taken sturdy cognizance of a variety of complaints created by the Confederation of All India Traders (CAIT) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these corporations.
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal informed that on a number of complaints created by the CAIT to Union Commerce Minister Piyush Goyal in the current previous 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 each Enforcement Directorate and Reserve Bank of India to take needed action against Amazon and Flipkart.
Bhartia and Khandelwal mentioned that in its communication to ED and RBI, the DPIIT has forwarded 4 complaints of CAIT which includes violation of FDI policy in deal among Flipkart and Aditya Birla Group, violation of FDI policy connected to FDI in manufacturing which is becoming applied for Multi Brand Retailing by a variety of e-commerce corporations, violation of FEMA and its guidelines by Amazon and blatant violation of FEMA and FDI Policy by Amazon and Flipkart and exploitation of loopholes by them.
CAIT mentioned that traders across Country will observe Year 2021 as “Bhartiya Vyapaar Samman Varsh” below the aegis of CAIT and all efforts will be created to clean the e-commerce landscape of India and an era of manipulations, mal-practices and exploitation will come to finish and the CAIT will market and encourage traders across Country to adopt digital commerce and digital payments as new instruments to widen the net of company in India.