India: Flipkart declared not guilty on alleged FDI rules trespass

Monday 20 October 2014 14:33 CET | News

Flipkart, an ecommerce retailer, has been declared not guilty by the Enforcement Directorate (ED) on supposed charges that the company has trespassed the FDI rules.

In September 2014, the Enforcement Directorate told Economic Times news agency that it had found Flipkart guilty of Foreign Exchange Management Act (FEMA) violations, reports.

As a quick response, players like Flipkart changed their B2C strategy and started operations as a marketplace, with different sellers fulfilling customer orders.

In recent news, Amazon has come under the lens of the ED for possible violations of India`s foreign direct investment (FDI) rules for online retail, reports.

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Keywords: India, Flipkart, not guilty, FDI, regulation, trespass, violation, ED, merchants, marketplace, ecommerce
Categories: Payments & Commerce
Countries: World
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