Govt ask ED and RBI to check violation of FEMA/ FDI norms by Amazon & Flipkart
Representations received from Confederation of All India Traders (CAIT)
The Govt has directed to forward the following representations received from the Confederation of All India Traders (CAIT) wherein it has been, inter-alia, alleged that e-commerce companies are in violation of FEMA Rules/FDI Policy by adopting the illegal structuring/investments and practices:
|1.||27.10.2020||Objections on recent deal between Flipkart and Aditya Brila Fashion & Retail: violation of FDI Policy of the Government of India|
|2.||28.10.2020||FDI policy in manufacturing is being misused for Multi-Brand Retailing of Grocery by leading e-commerce players|
|3.||04.11.2020||Complaint against Amazon for various violations of the Foreign Exchange Management Act, 1999 and rules and regulations framed thereunder|
|4.||16.11.2020||Blatant violation of FDI Policy/FEMA rides and exploitation of the loopholes by multinational retailing giants, Amazon and Walmart|
2. The Enforcement Directorate and Reserve Bank of India are hereby requested to take necessary action.
3. This issue with the approval of the competent authority.