[the_ad id="83613"]

CAIT urges PM for immediate action against Amazon and Flipkart over FDI norms violation

Traders body Confederation of All India Traders (CAIT) has been, for the past couple of months, relentless in its fight to safeguard retail trade against deep discounting practices by e-commerce companies in India.

In the past couple of months, the traders body has reached out to concern government authorities and ministers to report an alleged violation of FDI policy.

As the response from govt authorities still awaited, the traders body has now knocked the door of Prime Minister Narendra Modi seeking his immediate intervention on the matter.

Both Amazon and Flipkart are openly and blatantly violating the FDI policy of the government right under the nose of the government and creating uneven level playing field and unethical competition to destabilise long-standing retail trade in India, said CAIT in the letter.

It demanded inspection into the business models and unfair practices adopted by both the e-comm firms, who despite incurring losses, continue to hold yearly heavily discount laden festive sales and get backing from investors.

Quoting their recently filed financial, CAIT raised questions no actions from tax departments over their alleged abnormal business activities.

It is surprising that though these companies are filing such losses over the years. So far no tax department has ever scrutiny their business models and accounts, it added.

Amazon India B2B and B2C arms record collective loss of Rs 5,826 Cr in FY19

Two days ago, the traders body had written to Finance Minister Nirmala Sitharaman and Piyush Goyal alleging Amazon and Flipkart of selling goods at much below the market value and denying the government its due legitimate GST revenue.

It also urged for independent auditing of e-comm firms by the govt.

In mid-Oct, CAIT had got assurance from CCI and Commerce Minister against predatory pricing and flouting of FDI policy. Though, both the bodies are yet to take any action against alleged e-comm firms.

About Author

Send Suggestions or Tips

CAIT urges PM for immediate action against Amazon and Flipkart over FDI norms violation

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 3.0. For any other queries/concern: pls drop a email on: [email protected] or [email protected]
X