NEW DELHI : Traders' body CAIT on Sunday demanded a high-level enquiry by the Centre to probe the "unholy nexus" of e-commerce firms, companies owning brands and banks for causing price distortion in the country’s e-commerce market. It also criticised the banks giving cash back and various types of discounts for purchasing goods from e-commerce portals by making payments through their respective credit/debit cards. CAIT said the "vicious nexus" of brands, banks and other service providers was creating distortion in the e-commerce market and creating an uneven playing field which runs contrary to both the FDI policy and the Competition Act. Khandelwal said CAIT representatives will soon meet Commerce Minister Goyal, Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das on this subject and demand justice. The traders' body said it will also seek an appointment with the prime minister to apprise him of the "unholy nexus" and seek remedial measures.

Source: Mint October 20, 2019 13:41 UTC