Flouting of FDI norms by multi brand retailers will invite strict action: Piyush Goyal
19/10/2019
Mumbai: Union Minister Piyush Goyal said that strict action will be taken against multi-brand retailers found violating FDI norms set for the e-commerce companies by the central government.
“The Central government has formed clear guidelines for e-commerce. It has made clear that if anyone makes e-commerce a means for multi-brand retail, stringent action will be taken against them,” he said during a presser on Thursday.
He continued, “According to the spirit of the law, in multiband retail, FDI is not permitted above 49 per cent. Bharatiya Janata Party (BJP) stands with the small retailers of the country and will not let anyone’s livelihood come under stress. We have made it clear that if anybody tries to use the route of multi-brand retail, then strict action will be taken.” Highlighting one of the guidelines, Goyal said, “E-commerce companies have no right to discount products or sell them on predatory prices and damage the retail market. They also don’t have permission to make products and sell it themselves,” he said.
Goyal informed that some complaints have been brought to his attention regarding violations by e-commerce companies. “Commerce Ministry has sent a questionnaire seeking details from the concerned parties in the matter. Another supplementary questionnaire is also being sent.
Required action will be taken after the details are received,” he added.
The Union Minister said that if the law has been violated, either in the letter or in spirit, strict actions will be taken.
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