Traders body demands scrutiny of proposed Flipkart-Walmart $12b deal

Traders body demands scrutiny of proposed Flipkart-Walmart $12b deal

Traders’ body CAIT on Sunday demanded scrutiny of the proposed USD 12-billion Flipkart-Walmart deal, claiming that it will promote loss funding and predatory pricing in e-commerce sector. It is really unfortunate that in spite of having a clear FDI policy, foreign companies are finding an escape route, whether it is in retail or e-commerce, Confederation of All India Traders (CAIT) said in a statement. The traders’ body took a strong objection to the Walmart-Flipkart deal and demanded the government to form a regulatory authority for e-commerce and till the authority is…

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In war against black money, Modi govt steps up scrutiny of shell firms

In war against black money, Modi govt steps up scrutiny of shell firms

When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. The moment, said a top aide to Modi, was an eye-opener for the government, which had not realized just how much shell companies were being used to hide assets and launder money. Modi’s office has formed a team of top law enforcement and revenue officials to go after such companies, according to the aide…

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