For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Flipkart & Bharti Walmart under the scanner for violating FDI regulations

    By Religare
    |
    Flipkart & Bharti Walmart under the scanner
    Ecommerce companies are under the scanner of the Enforcement Directorate for the alleged violation of FDI regulations. The companies that are being investigated are Flipkart Online Services and cash & carry chain Bharti Walmart.
     

    In a written reply to the Lok Sabha, Commerce and Industry Minister Anand Sharma said, "The RBI has informed that matters related to Bharti Wal-Mart/Cedar Support Services Ltd and Flipkart Online Services, respectively, have been referred to the Directorate of Enforcement for further investigations."

    Sharma said violation of FDI regulations is covered by the penal provision of the Foreign Exchange Management Act, 1999.

    As per the rules, E-commerce companies with foreign investments are allowed to do wholesale trading with B2C companies that are unrelated and can do wholesale trading with a group company only if it does not exceed 25 per cent of its total turnover and is used for internal consumption.

    Read more about: bharti walmart fdi
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more