Flipkart, its founders, and nine others have been served with a notice about alleged forex violations

The Enforcement Directorate (ED) has issued a notice to Flipkart, its founders, and nine others for alleged forex offences. They’ve been asked to explain why they shouldn’t face a $1.35 billion penalty for allegedly breaking foreign investment restrictions. According to ED sources, between 2009 and 2015, Flipkart broke FEMA laws when seeking foreign investment.

“Flipkart complies with all Indian rules and regulations, including those governing foreign direct investment (FDI). We will work with the authorities as they investigate this matter, which pertains to the years 2009 to 2015, as stated in their notice “Flipkart stated in a statement.

For quite some time, the agency has been looking into e-commerce behemoths Flipkart and Amazon.com Inc for allegedly circumventing foreign investment restrictions that closely control multi-brand retail and limit such firms to maintaining a marketplace for merchants.

According to ED sources, the case involved an inquiry into charges that Flipkart recruited foreign investment and then sold goods to customers on its shopping platform, which was illegal under the law.

Latest articles

Paytm and HDFC Bank have teamed up to explore payment solutions for new online businesses

Paytm, the IPO-bound digital payments company, and HDFC Bank, India's largest private sector bank, announced a strategic partnership to develop comprehensive solutions...

For the first time in three months, Bitcoin has surpassed $50,000

On Monday, Bitcoin surpassed $50,000 for the first time in three months, as investors flocked back into the cryptocurrency on a bargain-hunting...

50 Government schools transformed in Odisha, 1000 underway

Under the 5-T initiative, Odisha Chief Minister Naveen Patnaik has changed 50 government high schools in the Hinjilicut and Sheragada Blocks in...

WhatsApp’s Desktop App Has Been Released To The Public Beta Program

WhatsApp, like most other apps, is subjected to beta testing. This is crucial because they need to ensure that the software works...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here