Home / Knowledge / News / Apparel/Garments / DIPP, CAIT spar in Twitter over FDI
DIPP, CAIT spar in Twitter over FDI
11
May '16
In a war of tweets, the Department of Industrial Policy and Promotion (DIPP), has said that that it is responsible only for formulation of FDI policy which is notified under Foreign Exchange Management Act (FEMA).

It said the RBI "administers" the FDI policy while the Enforcement Directorate is the "enforcing authority".

The DIPP's response came after traders' body Confederation of All India Traders (CAIT) alleged violation of FDI norms in the e-commerce sector by Flipkart and Paytm. In response to a tweet of CAIT, it said that it is responsible only for formulation of FDI policy which is notified under Foreign Exchange Management Act (FEMA).

"FDI policy violation part of penal provisions of FEMA. RBI administers and ED is its enforcement authority of FEMA," DIPP said in a tweet.

DIPP's response came after CAIT Secretary General Praveen Khandelwal in a tweet has said that the department needs to be straightforward in the issue of e-commerce FDI.

"Why keep eye closed on violation by Paytm and Flipkart etc," CAIT had tweeted.

CAIT has consistently demanded that the government should fix the loopholes and provide a level-playing field to small retailers. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X