Necessary action taken against e-commerce companies for alleged FDI policy violation: Piyush Goyal

By: |
March 17, 2021 3:17 PM

In another reply, Singh said the top five countries from where India has imported goods during 2020 (January- December) include China, the US, UAE, Saudi Arabia and Iraq.

piyush goyalTo a question on exports, he said Rs 43,493 crore has been refunded to exporters on account of export of goods with payment of Integrated Goods and Services Tax (IGST) as on March 11, 2021 this fiscal year. (Photo source: PTI)

The government has received complaints against certain e-commerce companies alleging violation of foreign direct investment (FDI) policy and necessary actions have been taken for investigation by the Enforcement Directorate, Parliament was informed on Wednesday.

In a written reply to the Lok Sabha, Commerce and Industry Minister Piyush Goyal said no representation from All India Chamber of Commerce and Industry (AICCI) was received regarding banning of some big e-commerce companies from operating in India.

“The government has received complaints against certain e-commerce companies alleging violation of FDI policy and necessary actions under the provisions of Foreign Exchange Management Act, 1999 have been taken for investigation by the Enforcement Directorate,” he said.

Replying to a separate question, Minister of State for Commerce and Industry Hardeep Singh Puri said there are 1,569 tea gardens in the country covering total area of 4,20,671 hectares. He said the Tea Board has provided financial assistance of Rs 217.77 crore to tea companies from 2017-18 till February 1, 2021.

In another reply, Singh said the top five countries from where India has imported goods during 2020 (January- December) include China, the US, UAE, Saudi Arabia and Iraq.

India has imported goods worth USD 143.5 billion from these five nations during the period, which is about 39 per cent of India’s total inbound shipments.

“The major items of import from China are products such as telecom instruments, computer hardware and peripherals, fertilizers, electroniccomponents/instruments, project goods, organic chemicals, drug intermediates, consumer electronics, electrical machinery,” he added.

To a separate question, Singh said the government has received representations regarding under invoicing and smuggling of raw human hair. “The matter has been referred to the Ministry/Agencies concerned for necessary action,” he said.

To a question on exports, he said Rs 43,493 crore has been refunded to exporters on account of export of goods with payment of Integrated Goods and Services Tax (IGST) as on March 11, 2021 this fiscal year.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Speciale Invest raises Rs 120 cr as part of new fund for early-stage startups
2Mohalla Tech turns unicorn, valued at $2.1 bn
3NCLAT stays insolvency proceedings against OYO