Sources said the notice was issued after completion of investigation and the charges include violation of the foreign direct investment (FDI) rules and those that regulate multi-brand retail.
In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Som Parkash said the government has also received representations from the Confederation of All India Traders (CAIT) against e-commerce companies.
The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders (CAIT) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies
Hyderabad: The Enforcement Directorate (ED) has imposed a penalty of Rs 222,44,51,324 on MBS Jewellers Private Limited and Rs 22,24,45,132 penalty on its managing director Sukesh Gupta charging them with violation of the Foreign Exchange and Management Act (FEMA). Sources in ED said MBS Jewellers Private Limited was accused of exporting diamonds to Hong Kong […]
