The Confederation of All India Traders (CAIT) has accused e-commerce major Amazon of violation of rules under the Foreign Exchange Management Act (FEMA). In a letter to Commerce and Industry Minister Piyush Goyal, the traders` body blamed that e-commerce major of not seeking the Centre`s approval for entering the multi-brand retail space in India. According to CAIT, Amazon has invested in retail chains and has been indirectly active in the multi-brand retail segment. "All the above investments are in violation of FEMA Rules and Regulations and we call upon the government to take immediate action," Khandelwal said. Our investment in Future and all investments in India are in compliance with applicable regulations."

Source: dna November 04, 2020 16:11 UTC