We are likely to get confused & schizophrenic financial regulation
Even before finance minister, Arun Jaitley, was discharged from hospital, his ministry quietly put out a press release announcing the formation of four task forces to implement the financial sector roadmap, prepared by the FSLRC (Financial Sector Legislative Reforms Commission) under the Congress-led United Progressive Alliance (UPA) government. Essentially, they will chalk out the path to create four new agencies: the Financial Sector Appellate Tribunal (FSAT), Resolution Corporation, Public Debt Management Agency (PDMA) and Financial Data Management Centre (FDMC).
According to reports, the ED is probing whether Flipkart had violated any retail norms during its Big Billion Day sale and may impose stiff penalty on the online retailer if found guilty
The Enforcement Directorate (ED) has issued notice to online shopping portal Flipkart questioning over their recent billion day sale. The ED may also impose a penalty of Rs1,000 crore on Flipkart says media reports.
Quoting sources, NDTV in a report said, the agency is "discreetly inquiring into" whether the company has flouted any retail rules during the single-day sale held on 6th October.
Flipkart's 'Big Billion Day' sale on 6th October had offered steep discounts on various products, raising concerns among small and big traders that such campaigns would badly affect players in the traditional retail market.
After receiving "many complaints" from traders on Flipkart's massive discount sale, last week, the union government said that it will look into the concerns and take a call on whether more clarity is required on e-commerce retail business.
"We have received many inputs. Lot of concerns have been expressed. We will look into it," Commerce and Industry Minister Nirmala Sitharaman told reporters.
Flipkart has said that its 'Big Billion Day' sale saw 1.5 million people shopping at its portal. It also claimed that products worth over Rs600 crore were sold in just 10 hours under the scheme.
Earlier this week, Confederation of All India Traders (CAIT) had demanded the Commerce and Industry Ministry take steps to monitor and regulate online businesses.
The CAIT has also sought a probe into the business model and trade practices of e-commerce companies to find out how they are offering huge discounts during the ongoing festive season.