CAIT for blanket ban on FDI in retail, e-commerce

19 Feb '16
3 min read

The Confederation of All India Traders (CAIT) has called for a blanket ban on entry of FDI in retail trade and e-commerce.

In its pre-budget memorandum to Finance Minister Arun Jaitley, CAIT also demanded that the government set up a Retail Development & Regulatory Authority to develop and regulate retail trade of India. Like other verticals of economy, it has also demanded formation of a National Trade Policy for Retail Trade and a Ministry of Internal Trade. It called for an incentive scheme in the Budget for promoting more usage of debit/credit cards and use of net banking as a step towards cashless economy in the country.

The CAIT has also sought an early roadmap on Goods and Services Tax (GST) with its basic fundamentals of single tax regime with uniform act, rules and regulations across the Country. The traders' body said that MUDRA should be made as a Regulator by enactment of a legislation in Parliament and Trade Associations should be involved with disbursement of MUDRA loans to accomplish its goal of 'funding for unfunded”.

The CAIT has demanded India to be developed as a Free Trade Zone by allowing free Inter-State Movement of goods by abolishing all kind of road permits and entry forms in inter-state trade.

It drew the attention of the Government towards laws and rules governing domestic trade which are decades old and most of them either need to be abrogated or require amendments. The CAIT has demanded that the Government constitute a Joint Committee of Officials and Traders to make an indepth study of such laws and to make recommendations

The CAIT also said that like Free Trade Zone and Special Economic Zone, the Government should also create Rural Economic Zone for small traders operating their business activities in rural areas. Such Rural Economic Zones should be exempted for a period of five years from all the complexities of various Acts and laws in order to boost trade and development of rural areas in the Country.

It has also demanded a pension scheme for the traders by suggesting that a part of the tax paid by the assesses should by invested in pension fund/schemes by the Government and the proceeds thereof should be provided to the assesses after attaining the age of 60 years. (SH)

Fibre2Fashion News Desk – India

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