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ED and RBI to take action on Amazon-Flipkart, Modi government’s instructions

The Center has directed the Enforcement Directorate (ED) and RBI to take necessary action against e-commerce companies Amazon and Walmart’s Flipkart. Both companies are accused of violating FDI policy and the rules of the Foreign Exchange Act (FEMA Act). The Confederation of All India Traders (CAIT) has been demanding action against these companies for a long time. Based on this demand, it is clear that the government has taken strict action.

The Center took action based on CAIT’s complaints

A media report quoting CAT national president BC Bhartia and general secretary Praveen Khandelwal said the action was taken based on complaints lodged by CAIT with Union Commerce Minister Piyush Goyal.

Centre’s attention to CAT’s 4 complaints

The Department of Industry Promotion and Internal Trade (DPIIT) in its letter issued in December called on both the Enforcement Directorate and the Reserve Bank of India to take necessary action against these e-commerce companies. It said that as per the instructions given to the ED and RBI, DPIIT has lodged 4 complaints against CAT.

CAIT alleges that Amazon and Flipkart have committed serious violations of foreign investment policies. These companies have also violated FEMA rules. The Indians said the agreement between Flipkart and Aditya Birla Group violated the rules of foreign direct investment. Next year, merchants across the country will celebrate the trade honours year against e-commerce, says CAIT.

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