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States » SouthPosted at: Aug 5 2021 8:44PM


ED notice to Flipkart for violating FEMA norms

ED notice to Flipkart for violating FEMA norms

Bengaluru, Aug 5 (UNI) The Enforcement Directorate (ED) has reportedly issued a show cause notice to Flipkart and others for alleged violations under the Foreign Exchange Management Act (FEMA) involving about ₹10,600 crore.
This comes amidst traders’ body CAIT calling for ED probe against Flipkart and Amazon for conducting a preferential seller system on their respective marketplaces.
The notice has been issued to both Sachin and Binny Bansal. The breach of FEMA norms can attract a penalty three times more than the sum involved in such a case.

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