RBI Asked To Initiate Action Against Amazon, Flipkart Over FDI Policy Violations
India, Jan. 2 -- The Department of Promotions of Industry and Internal Trade (DPIIT) has brought in the Reserve Bank of India (RBI) and Enforcement Directorate to take "necessary actions" against ecommerce giants Amazon and Flipkart for allegedly flouting Foreign Exchange Management Act (FEMA) rules and India's foreign direct investment (FDI) policy
DPIIT, on December 22, forwarded four complaints by the Confederation of All India Traders (CAIT) to the two agencies. The traders' body has alleged that these ecommerce companies were in violation of the policy by adopting illegal structuring or investment practices. The complaint also mentions the latest deal between Flipkart and Aditya Birla Group for violating the FDI policy.
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