CAIT Urges DPIIT to Penalize Amazon, Flipkart for alleged violating FDI, FEMA norms

In a letter to the DPIIT Secretary, Guruprasad Mohapatra, the traders' body said: "Our association has been requesting your good office to take appropriate steps and investigate, punish and penalize the multinational companies like Amazon and Flipkart for the blatant violation and/or by exploitation of the loopholes of the FDI policy and Foreign Exchange Management Act."

It said the traders' body has been examining various public statements and documents pertaining to the investments made by both Amazon and Walmart and it has come to light that both these companies have been conducting their activities in blatant violation of Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (FEMA Rules).

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