Outline of vision for ‘Viksit Rajya 2047'
Flipkart in the dock for sale of lethal knife
Raipur police lodged an FIR against e-commerce store 'Flipkart', holding it accountable for selling 'banned (lethal) knives' on its platform. The knife was used in a murder and to injure one in the capital. The Raipur police have been repeatedly asking representatives of e-commerce marketplaces not to make various hazardous knives, including button, foldable, designer, or bladed items, available on their platforms for customers. There were looming concerns over the rising incidents of stabbings in the state capital. Despite the alerts, reports indicate that the sale of such prohibited knives continues unabated from online shopping companies.
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News18
2 hours ago
- News18
ED files case against Myntra over Rs 1,654-crore FDI violation
New Delhi, Jul 23 (PTI) The Enforcement Directorate on Wednesday said it has registered a case against Flipkart-backed e-commerce platform Myntra, its linked companies and directors for alleged FDI violation of over Rs 1,654 crore. The complaint was filed by the federal probe agency's Bengaluru zonal office under a section of the Foreign Exchange Management Act (FEMA) based on 'credible information" that Myntra Designs Private Limited, whose brand name is Myntra, and its related companies are doing multi-brand retail trade in the guise of 'wholesale cash and carry". This is in alleged violation of Foreign Direct Investment (FDI) guidelines and provisions of the FEMA, the agency said in a statement. At present, the country's FDI policy does not permit FDI in the inventory-based model of e-commerce. It is allowed only in firms that are operating through a marketplace model. A spokesperson of the Bengaluru-headquartered Myntra, a fashion and lifestyle e-commerce platform, said the company will cooperate with the authorities. 'At Myntra, we are deeply committed to upholding all applicable laws of the land and operating with the highest standards of compliance and integrity." 'While we have not received a copy of the subject complaint and the supporting documents from the authorities, we remain fully committed to cooperating with them at any point of time," the spokesperson said in a statement. The ED said Myntra Designs had declared that it was engaged in the business of 'wholesale cash and carry" and it received Rs 16,54,35,08,981 FDI. The company sold the majority of its items to a company named Vector E-Commerce, which sold the goods in retail to the ultimate customer, according to the agency. Vector E-Commerce and Myntra Designs are 'related parties" and belong to the same group or group of companies, it claimed. According to the ED findings, Vector E-Commerce was 'created and continued to be used" as a corporate entity to bifurcate the B2C (business to customer i.e. Myntra Designs to retail customers) transaction into B2B (Myntra Designs to Vector E-Commerce) and then B2C (Vector E-Commerce to retail customers). Even otherwise, the ED said, Myntra Designs has 'not satisfied" the condition laid down for 'wholesale cash and carry trading' as it has made cent per cent sales to Vector E-Commerce. This was in 'contravention" of amendments which permitted only 25 per cent sale to companies belonging to the same group or group companies, it said. Myntra Designs and others have 'contravened" the provisions according to Section 6(3)(b) of the FEMA and the FDI policy to the tune of Rs 16,54,35,08,981, it said. The Confederation of All India Traders (CAIT) has time and again alleged that foreign online retailers violate FDI norms in e-commerce and that the government should take action against those indulging in malpractices such as deep discounting and predatory pricing. The accused companies have denied violating Indian laws. Founded in 2007 and now part of the Flipkart Group, owned by Walmart, Myntra is stated to have over 70 million monthly active users and a catalogue of more than 3.9 million styles from over 9,700 brands. The Myntra spokesperson said that as a homegrown marketplace, the company was committed to contributing to India's nation-building efforts by empowering the textile and apparel ecosystem through digital commerce. 'By working closely with Indian brands and sellers, artisans and weavers, we have helped bring traditional craftsmanship to a global audience, particularly among the Indian diaspora. 'In doing so, we've strengthened the industry's digital backbone and created large-scale employment and entrepreneurship opportunities across the country," the spokesperson said. PTI NES RR PRS ANK DIV DIV view comments First Published: July 23, 2025, 18:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
4 hours ago
- News18
ED files FEMA case against Myntra over Rs 1,654-crore FDI violation
New Delhi, Jul 23 (PTI) The Enforcement Directorate (ED) on Wednesday said it has registered a FEMA case against Flipkart-backed e-commerce platform Myntra, its linked companies and directors for alleged FDI contravention of over Rs 1,654 crore. The federal probe agency said in a statement that the complaint was filed by its Bengaluru zonal office under Section 16(3) of the Foreign Exchange Management Act (FEMA) acting on 'credible information" that Myntra Designs Private Limited, whose brand name is Myntra, and its related companies are doing multi-brand retail trade in the guise of 'wholesale cash and carry". This is in alleged violation of extant Foreign Direct Investment (FDI) guidelines and provisions of the FEMA, the agency said in a statement. A spokesperson of the Bengaluru-headquartered Myntra, a fashion and lifestyle e-commerce platform, said in a statement that the company is 'deeply committed to upholding all applicable laws of the land and operating with the highest standards of compliance and integrity". 'While we have not received a copy of the subject complaint and the supporting documents from the authorities, we remain fully committed to cooperating with them at any point of time," the spokesperson said. The ED said Myntra Designs Pvt. Ltd. had declared that it was engaged in the business of 'wholesale cash and carry" and it invited and received Rs 16,54,35,08,981 FDI from foreign investors. The company sold the majority of its goods to Vector E-Commerce Pvt. Ltd., which sold the goods in retail to the ultimate customer, according to the agency. 'Vector E-Commerce Pvt. Ltd. and Myntra Designs Pvt. Ltd. are related parties and belong to the same group or group of companies," it said. According to the ED findings, Vector E-Commerce Pvt. Ltd. was 'created and continued to be used" as a corporate entity to bifurcate the B2C (business to customer i.e. Myntra Designs Pvt. Ltd. to retail customers) transaction into B2B (Myntra Designs Pvt. Ltd. to Vector E-Commerce Pvt. Ltd.) and then B2C (Vector E-Commerce Pvt. Ltd. to retail customers). Even otherwise, the ED said, Myntra Designs Pvt. Ltd. has 'not satisfied" the condition laid down for 'wholesale cash and carry trading' as it has made cent per cent sales to Vector E- Commerce Pvt. Ltd., which is in 'contravention" of amendments dated 01.04.2010 and 01.10.2010 which permitted only 25 per cent sale to companies belonging to the same group or group companies. Myntra Designs Pvt. Ltd. and others have 'contravened" the provisions according to Section 6(3)(b) of the FEMA and the consolidated FDI policy dated 01.04.2010 and consolidated FDI policy dated 01.10.2010 to the tune of Rs 16,54,35,08,981, it said. At present, the country's FDI policy does not permit foreign direct investment in the inventory-based model of e-commerce. It is allowed only in firms that are operating through a marketplace model. Founded in 2007 and now part of the Flipkart Group, owned by Walmart, Myntra is stated to have over 70 million monthly active users and a catalogue of more than 3.9 million styles from over 9,700 brands. The Myntra spokesperson said that as a homegrown marketplace, the company was committed to contributing to India's nation-building efforts by empowering the textile and apparel ecosystem through digital commerce. 'By working closely with Indian brands and sellers, artisans and weavers, we have helped bring traditional craftsmanship to a global audience, particularly among the Indian diaspora. 'In doing so, we've strengthened the industry's digital backbone and created large-scale employment and entrepreneurship opportunities across the country," the spokesperson said. PTI NES RR PRS ANK DIV DIV view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
4 hours ago
- Mint
Amit Shah to roll out National Cooperative Policy 2025 with 20-year vision—here's what to expect and why it matters
India's Cooperative sector is set for a major overhaul as Union Home Minister and Minister of Cooperation Amit Shah will launch the National Cooperative Policy 2025 on July 24, Thursday, effective from this year for two decades. It replaces the 2002 policy that provided a fundamental framework for better handling of cooperative institutions' economic activities. Now, the new policy emphasises reviving and modernising the cooperative sector while aiming to achieve prosperity through cooperation by developing a roadmap at the ground level. The aim of the National Cooperative Policy 2025 is to ensure that cooperative organisations are accessible to all, run efficiently and professionally, geared towards future needs, and capable of generating extensive employment and income-generating avenues, particularly in rural areas. The Ministry of Cooperation believes significant changes occurred in the society, country and abroad in the last 20 years due to globalisation and technological innovation. Considering this, 'it became necessary to formulate a new policy so that cooperative institutions can be made more active and useful in the current economic scenario and the role of the cooperative sector can be strengthened in achieving the goal of 'Viksit Bharat 2047', the ministry stated. Shah pointed out three key factors contributing to the decline of the cooperative movement in India: outdated laws that remained unchanged, lack of evolution and expansion in cooperative activities, and recruitment practices influenced by favouritism. "The Modi government has now amended these laws and conceived the idea of Tribhuvan Sahkari University (TSU) to address these issues," he asserted. It will support employment and benefit 1.4 billion people. 2. Shah mentioned setting up cooperatives in every village across India within five years, with a goal of establishing 2,00,000 Primary Agricultural Credit Societies (PACS) by February 2026, at a state cooperation ministers' meeting on the occasion of the celebration of the International Year of Cooperatives (IYC) 2025. 3. During the meeting that assessed initiatives taken by the Ministry of Cooperation, talks on advancing dairy and fisheries cooperatives and executing the world's largest grain storage scheme within the cooperative sector took place. Shah mandated that all states declare their own cooperative policies by January 31, 2026. 'Now we have brought cooperative banks under the Banking Act and the Reserve Bank of India has also taken a flexible approach and solved many of our problems," the minister said. He stressed that not a single village in the country should be left without a cooperative, and the National Cooperative Database should be utilised to attain this goal. A 48-member national-level committee led by former Union Minister Suresh Prabhakar Prabhu drafted the new National Cooperative Policy. The committee comprised representatives from national and state cooperative federations, cooperative societies across various levels and sectors, officials from relevant central and state government ministries or departments, and academicians. To promote an inclusive and participatory process, the committee conducted 17 meetings and organised four regional workshops in Ahmedabad, Bengaluru, Gurugram, and Patna. In total, 648 suggestions from stakeholders were thoroughly reviewed and integrated into the new cooperative policy. (With inputs from ANI and PTI)
