Enforcement Directorate of India (ED) has issued a notice to show-cause Flipkart, probing the electronics giant retail on its recent sale million days.
According to media reports, the ED is likely to impose a fine of Rs 1,000 crore in the website of online shopping.
Flipkart mega sale, seen as an equivalent for sale on Black Friday in USA promised big discounts and fantastic deals for eager buyers.
However, he also expressed his concern among small and large traders such campaigns seriously affect players in the traditional retail market.
In a major setback for Flipkart, the Enforcement Directorate has issued notice to them asking about their recent sale million days. Erectile dysfunction is likely to impose a penalty of Rs 1,000 crore in the e-commerce giant.
ED sources have said Flipkart organized money through foreign direct investment and the organization of money in e-commerce across multiple brands is violation of the Foreign Exchange Management Act (FEMA).
Meanwhile, Flipkart has issued a statement saying, "We are in full compliance with the laws of the land and cooperate with the authorities if necessary."
There were many complaints from traders on the sell-off of Flipkart last week. The government had assured to consider the concerns and make a call if more clarity is required in retail e-commerce business.
"We received many entries. Lot of concerns have been expressed. Let's look into it," Commerce and Industry Minister Nirmala Sitharaman had said.
'Billion Big Day' sale of Flipkart had offered huge discounts on various products, raising concerns among small and large traders such campaigns seriously affect players in the traditional retail market.
According to media reports, the ED is likely to impose a fine of Rs 1,000 crore in the website of online shopping.
Flipkart mega sale, seen as an equivalent for sale on Black Friday in USA promised big discounts and fantastic deals for eager buyers.
However, he also expressed his concern among small and large traders such campaigns seriously affect players in the traditional retail market.
In a major setback for Flipkart, the Enforcement Directorate has issued notice to them asking about their recent sale million days. Erectile dysfunction is likely to impose a penalty of Rs 1,000 crore in the e-commerce giant.
ED sources have said Flipkart organized money through foreign direct investment and the organization of money in e-commerce across multiple brands is violation of the Foreign Exchange Management Act (FEMA).
Meanwhile, Flipkart has issued a statement saying, "We are in full compliance with the laws of the land and cooperate with the authorities if necessary."
There were many complaints from traders on the sell-off of Flipkart last week. The government had assured to consider the concerns and make a call if more clarity is required in retail e-commerce business.
"We received many entries. Lot of concerns have been expressed. Let's look into it," Commerce and Industry Minister Nirmala Sitharaman had said.
'Billion Big Day' sale of Flipkart had offered huge discounts on various products, raising concerns among small and large traders such campaigns seriously affect players in the traditional retail market.
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