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ED files complaint under FEMA against Myntra Designs and its related companies

ED files complaint under FEMA against Myntra Designs and its related companies

Time of India5 days ago
Synopsis
The Enforcement Directorate has filed a complaint under FEMA against Myntra Designs Pvt. Ltd., its related companies, and directors for alleged FDI violations amounting to ₹1,654 crore. ED said Myntra misused the 'wholesale cash and carry' model to carry out multi-brand retail trade, routing 100% of sales to a related entity, Vector E-Commerce, violating FDI rules and FEMA provisions.
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Anil Ambani reveals his future plans, focus will be on defence, power and …, Reliance says…, Enforcement Directorate to…
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Anil Ambani reveals his future plans, focus will be on defence, power and …, Reliance says…, Enforcement Directorate to…

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Amid FDI slump, focus turns on chemical, leather and electronics
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Economic Times

timean hour ago

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Amid FDI slump, focus turns on chemical, leather and electronics

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time4 hours ago

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The Jan Vishwas Bill 2.0, which aims to decriminalise several Acts, has also been introduced to encourage investors by improving the overall ecosystem. The Bill is listed for presentation in the ongoing monsoon session and is likely to be tabled during the current session of Parliament, as per the officials cited above. Adding momentum to existing initiatives To be sure, the Centre is already offering financial support to attract investment and build more resilient supply chains within sectors–an example being the PLI scheme for electronic components administered by the MeitY. The second official cited above pointed out that apart from the procedural framework laid out under Press Note 3, which regulates FDI from countries sharing land borders with India, there are minimal regulatory hurdles for foreign money to come into the country. 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India's cumulative FDI inflow over the last eleven years (2014-25) has reached $748.78 billion, a 143% rise over the preceding eleven-year period (2003-14), which saw $308.38 billion. The number of countries investing in India also rose to 112 in FY25, compared with 89 in FY14. FDI inflows into India peaked at $84.83 billion in the fiscal year 2021-22, according to data shared by minister of state for finance Pankaj Chaudhary in the Lok Sabha on 10 March. Thereafter, the numbers declined to $71.35 billion in FY23 and $71.27 billion in FY24, following uncertainty about a potential global recession, economic crises triggered by geopolitical conflicts and rising global protectionist measures.

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