Parliament proceedings | Govt says has received complaints against online firms alleging FDI policy violation
The Hindu
Such complaints against e-commerce entities have been forwarded to ED, he said.
The government has received complaints from trader and industry associations against marketplace online retail firms alleging violation of the FDI policy on e-commerce sector, Parliament was informed on Friday.
It has been alleged that certain marketplace e-commerce entities have created complex ownership structures and are engaging in an inventory-based model of e-commerce through controlled vendors/ preferred sellers, Minister of State for Commerce and Industry Som Parkash said in a written reply in the Rajya Sabha.
Any violation of FDI regulations are covered by the penal provisions of the FEMA (Foreign Exchange Management Act). The Reserve Bank of India (RBI) administers the FEMA, while the Directorate of Enforcement (ED) under the Ministry of Finance is the authority for the enforcement of the Act.
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.
NTPC Green Energy IPO oversubscribed by 93% on day 2, raising ₹3,960 crore for renewable energy projects.
Chief Economic Advisor advises India Inc to focus on productivity, R&D, and quality over reliance on weak currency for exports.
Private telcos lost over 1 crore wireless subscribers in September, while BSNL added 8.5 lakh users, refusing to hike tariffs.