Modi govt directs ED, RBI to act against Amazon, Flipkart for violation of FDI, FEMA
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In a significant development related to war between e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart. The Centre has taken strong cognizance of various complaints made by CAIT for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 by these companies.