E-commerce companies violating FDI coverage, need empowered regulatory authority, claims CAIT – Business News , Firstpost

CAIT additionally claimed that numerous authorities authorities, regardless of being custodians of the legislation, have ‘failed to guard the sanctity of the coverage and legislation of the federal government’

Representational picture. News18 Hindi

On Sunday, the Confederation of All India Traders (CAIT) penned a letter to Prime Minister Narendra Modi asking for “strong action” in opposition to e-commerce companies allegedly violating international direct funding (FDI) coverage.

The merchants’ physique additionally sought the organising of an empowered regulatory authority to “monitor the e-commerce business in India”.

Ecommerce companies violating FDI policy need empowered regulatory authority claims CAIT

CAIT’s letter to Prime Minister Narendra Modi.

“… we are pained to inform you that big e-commerce companies having deep pockets are leaving no stone unturned in monopolising the e-commerce business and retail trade of India with their malpractices and violating FDI policy of the government and relevant laws and rules,” CAIT, within the letter to the prime minister, alleged.

“Despite making several complaints against them, so far no concrete action has been taken and therefore it has become a major roadblock for small businesses to conduct online business activities,” the letter additional said.

CAIT additionally claimed that numerous authorities authorities, regardless of being custodians of the legislation, have “failed to protect the sanctity of the policy and law of the government.”

“Though the Ministry of Commerce has taken some initiatives to impress upon them to conduct their business activities under the purview of the law but these e-commerce companies have been avoiding the law on one pretext or the other,” CAIT additional said within the letter.

The merchants’ physique has for lengthy been at loggerheads with Amazon and Flipkart, claiming that small retailers have been struggling by the hands of the e-commerce majors and seen their enterprise decline.

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