: CAIT urges govt to finalise FDI policy on ecommerce #FinanceIndia #StockMarketNEWS CAIT urges govt to finalise FDI policy on e-commerce New Delhi, May 18 (KNN) The Confederation of All India Traders

@StockMarketNEWS Thu 20 May, 2021

Posted in: #FinanceIndia #StockMarketNEWS

CAIT urges govt to finalise FDI policy on ecommerce #FinanceIndia #StockMarketNEWS
CAIT urges govt to finalise FDI policy on e-commerce New Delhi, May 18 (KNN) The Confederation of All India Traders (CAIT) has demanded Union Commerce and Industry Minister, Piyush Goyal to issue immediately a new Press note replacing Press Note No. 2 of FDI Policy, 2018 to protect the traders of the country from mal-practices of foreign funded e-commerce entities.

In a letter sent to Piyush Goyal, the traders body said that almost two years have passed when the exercise of a new Press note was initiated and the authorities are sleeping on the issue right under the nose of the minister.

The vision of Prime Minister Narendra Modi for ease of doing business and " Minimum Government and Maximum Governance has been grossly defeated on this issue, it added.

CAIT National President B C Bhartia & Secretary General Praveen Khandelwal said that the business community of the country has failed to understand that despite various solemn declarations made by Goyal on various public platforms that no one will be allowed to violate the policy and the law, still these companies are continuing flouting FDI policy and the law since last three years and no authority has taken any action against them.

Several actions of various e-commerce companies are absolutely contrary to the provisions of FDI policy and the cases where no investigation is required, even then no action has been taken so far against them. It appears that the administrative system is least bothered about the stand and intent of the government and is trying to supress the issue of issuing a fresh Press note and an e-commerce policy for the reasons best known to them, said both the leaders.

The both leaders also said that traders demand to formulate an e-commerce policy having a regulatory mechanism to regulate and monitor the retail trade has been put on the back bench since the year 2019.

"We have come to the conclusion that e-commerce which is a future mode of business in India will never have an e-commerce policy as the retail trade of India which is generating an annual turnover of Rs 115 lakh crore is devoid of any policy," lamented Bhartia and Khandelwal.

They further said that it is pertinent for the DPIIT to initiates stringent action against Amazon and Walmart because the law of the land must not only apply to small and medium retailers but also equally apply to global behemoths like Amazon and Walmart who have so far enjoyed almost full impunity for their actions.

Had it been the case of a small trader in the country, we are sure that multiple agencies would have taken action and that too without giving any opportunity of hearing. It looks like there are different standards and different readings of policy and the law by the authorities, the duo added.