Monday, March 27, 2023
      HomeTechnology NewsNew TechnologyCentre directs ED, RBI to act against Amazon, Flipkart for FDI, FEMA...

      Centre directs ED, RBI to act against Amazon, Flipkart for FDI, FEMA violations

      Once again, Amazon and Flipkart, two of the largest e-commerce companies in the country, are in trouble. The Centre directed the ED and the Reserve Bank of India to take action against Amazon-Flipkart for violating FDI and FEMA laws.

      The two e-commerce companies were recently accused by the Confederation of All India Traders or CAIT of violating the FDI policy and the Foreign Exchange Management Act of 1999. After their complaint, the centre sat motionless. After that the Modi government instructed the ED and RBI.

      In this context, CAIT’s national president B.C. India and Secretary General Praveen Khandelwal said the CAIT had recently lodged a four-point complaint against Amazon and Flipkart with Union Commerce Minister Piyush Goel. Since then, the Department of Promotion of Industries and Internal Trade (DPIIT) under the Union Ministry of Commerce has issued a letter this month instructing the ED and the Reserve Bank to take necessary action against Amazon and Flipkart.

      Along with the instructions sent to the ED and RBI by DPIIT, they also sent four charge sheets filed by CAIT. The allegations include breach of FDI policy during the agreement between Flipkart and Aditya Birla Group, violation of FDI policy that various e-commerce companies have to abide by. There are also allegations against Amazon for violating FEMA and its rules, and for Amazon-Flipkart, the two companies, for violating FEMA and FDI policies.

      Meanwhile, the Confederation of All India Traders has said that all shopkeepers in the country will observe the year 2021 as ‘harBhartiya Vyapaar Samman Varsh’ β€Œ. This initiative is to prevent corruption in the field of e-commerce in India. In addition, CAIT will encourage shopkeepers across the country to adopt digital commerce and digital payment systems.

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