: CAIT urges govt to issue revised Press Note 2 on FDI in ecommerce marketplaces #FinanceIndia #StockMarketNEWS CAIT urges govt to issue revised Press Note 2 on FDI in e-commerce marketplaces New Delhi,

@StockMarketNEWS Tue 30 Mar, 2021

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CAIT urges govt to issue revised Press Note 2 on FDI in ecommerce marketplaces #FinanceIndia #StockMarketNEWS
CAIT urges govt to issue revised Press Note 2 on FDI in e-commerce marketplaces New Delhi, Mar 27 (KNN) The Confederation of All India Trader (CAIT) has urged the Commerce and Industry Ministry to issue a revised Press Note 2 on FDI in e-commerce marketplaces incorporating stringent provisions to curb the "arbitrariness" of foreign companies.

National Vice Chairman of CAIT Brij Mohan Agrawal and National Secretary Sumit Aggarwal said that in press note 2 of the FDI policy, it has been clarified that the complete details of every seller who sells goods on the e-commerce portal is mandatory to mention on the portal but their vis no such provision on portals of Amazon & Flipkart.

The orders placed on both portals go directly to Amazon and Flipkart and then its they who decide which seller should get the order and in the end all these orders are given to their preferred sellers. This is a clear violation of government policy, they added.

Both trade leaders have strongly demanded Union Minister of Commerce, Piyush Goyal, to change the Press Note 2 to issue a new press note and to bring stringent provisions to curb the arbitrariness of foreign companies and to make sure that the laws are strictly followed and if anyone violates it then immediate action should be taken against him, a statement said on Friday.

Traders body CAIT also termed Amazons, statement as "extremely ridiculous and hilarious at a meeting organised by Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday ".

Asserting that Amazon had claimed that it has added 1.5 lakh new traders to its portal, CAIT Secretary General Praveen Khandelwal said this is a ridiculous argument.

"The question is how many of these traders get business from Amazon. It is a well-known fact that more than 80 per cent of the total sales on Amazon are made by only about 35 companies, who are close to Amazon, so what is the benefit to the traders of the country," CAIT Secretary General Praveen Khandelwal said.

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