: Draft ECommerce rules will bring purity in trade: CAIT #FinanceIndia #StockMarketNEWS New Delhi, Jun 23 (KNN) The Confederation of All India Traders (CAIT) has hailed the release of the draft of Consumer

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Draft ECommerce rules will bring purity in trade: CAIT #FinanceIndia #StockMarketNEWS
New Delhi, Jun 23 (KNN) The Confederation of All India Traders (CAIT) has hailed the release of the draft of Consumer Protection (E-Commerce) Rules, 2020 which has spelled out the modalities and parameters of conducting e commerce business in India in very clear terms leaving no scope for the e-commerce companies to play with the rules in a manner which they were doing for last many years.

The rules when implemented will certainly purify the highly vitiated e-commerce business of India due to unethical and illogical business practices of foreign funded e-commerce companies, the traders body said in a statement on Tuesday.

CAIT complemented Union Commerce and Industry Minister Piyush Goyal for accepting the traders demand for purification of e-commerce which is amply reflected from the various bold provisions spelled out in the draft rules.

CAIT National President B C Bhartia and Secretary General Praveen Khandelwal while expressing happiness over the release of the draft rules said that these rules when implemented will diagonally change the e-commerce business spectrum of India.

It is a matter of satisfaction that Piyush Goyal while realising the hardships being faced by small traders has come out with the draft rules in pursuance of his statement that everyone has to follow the rules and regulations of the country and the draft rules are ample testimony of his intention. With implementation of these rules now even a small trader in the Country will be able to adopt e-commerce as an additional business, they added.

We expect that now everyone will fall in line to comply with the rules and the e-commerce business in India will grow leaps and bounds-said the trade leaders. The rules when implemented will certainly liberate the e commerce business of India from the vicious clutches of few global e commerce companies which were trying to control, dominate and monopolise e commerce trade of India, the trade leaders added.

The duo further said that the rules will be applicable on all types of e-commerce businesses including goods & services executed through any mode of e-system. The provision of obtaining registration by e-commerce entities from the DPIIT will obliviate the fly by night e-commerce companies and it will be known as to how many companies are working in the e-commerce field and their scale of business.

The provision of KYC of each e-commerce entity before conducting business activities will help to a larger extent in identifying unethical companies and the prospects of tax evasion will be reduced. The prohibition on display or promotion of misleading or deceptive advertisements will certainly strengthen the basic fundamentals of e-commerce business in India, the CAIT said.