ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • AMC Sector: Growth-oriented funds lead the strong inflows in sector, says BK Securities – check key triggers
  • Q1FY23 Preview: Pharmaceutical firms likely to deliver subdued performance in domestic market, says Nirmal Bang
  • Chemical sector may report growth in operating profit both sequentially and YoY in Q1FY23 – Check details here
  • Finance Ministry empanels 12 transaction advisers for assisting in implementation of Public Private Partnership projects
  • Stock market on Monday: Market may continue its volatile trade, believes Anil Singhvi - crude, rupee movement key monitorable
Read in App
Business News » Companies News

Budget 2019: Snapdeal bats for new FDI policy in e-commerce from Feb 1

Leading e-tailer Snapdeal on Tuesday supported the implementation of revised Foreign Direct Investment (FDI) policy on e-commerce from February 1.  

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Budget 2019: Snapdeal bats for new FDI policy in e-commerce from Feb 1
Leading e-tailer Snapdeal on Tuesday supported the implementation of revised Foreign Direct Investment (FDI) policy on e-commerce from February 1. Image source: Reuters

Leading e-tailer Snapdeal on Tuesday supported the implementation of revised Foreign Direct Investment (FDI) policy on e-commerce from February 1.

"Snapdeal supports the immediate implementation of the current FDI policy on e-commerce so that marketplaces are not misused to run inventory operations," Delhi-based Snapdeal told IANS in a statement here.

The Ministry of Commerce and Industry on December 26 issued revised policy guidelines on FDI in e-commerce.

The policy revision, which will be in force from February 1, dictates that e-commerce platforms providing a marketplace will not exercise control or ownership over the inventory.

E-tail majors Flipkart and American online retailer Amazon`s Indian arm, however, sought an extension on the implementation of the new norms, amid protesting voices from retail traders` bodies against granting the extension.

"Government policy changes will have long-term implications in the evolution of the promising sector and the whole ecosystem," American retail giant Walmart-owned Flipkart told IANS through a statement earlier.

The new norms also barred e-tail firms from allowing any company to sell its products exclusively on their e-commerce platforms alone.

While Amazon India had said in a statement to IANS that "it has always operated in compliance with the laws of the land", it did not respond to queries on the changes it may have to make to its business model to suit the new norms.

On the other hand, the Confederation of All India Traders (CAIT) has asserted that delaying the execution of the policy will allow the e-tailers to continue with their "dominance over retail trade".

"The modus operandi of these e-commerce companies for seeking extension (on implementation of new FDI norms) is to keep delaying fair execution of the policy," CAIT wrote in a letter to the Ministry of Commerce and Industry this month.

"They (e-commerce platforms) may continue with their sinister designs of operating all kinds of malpractice including predatory pricing, deep discounting and exclusivity, in order to ensure their control and dominance over retail trade and wipe out the competition," the letter said.

The Ministry, however, has not indicated any possible extension of deadline to implement the new norms.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
SnapdealBudget 2019FDI
Written By: IANS
Updated: Wed, Jan 30, 2019
07:20 am
IANS
RELATED NEWS
Shopping now possible at 36000 feet in air with SpiceJet's launch of 'Sky Mall' - details here Shopping now possible at 36000 feet in air with SpiceJet's launch of 'Sky Mall' - details here
Snapdeal co-founders Kunal Bahl, Rohit Bansal to take home Rs 5 crore each in salary in 2021 Snapdeal co-founders Kunal Bahl, Rohit Bansal to take home Rs 5 crore each in salary in 2021
SoftBank-backed Snapdeal files for IPO, consists $165.09 million fresh issue of shares SoftBank-backed Snapdeal files for IPO, consists $165.09 million fresh issue of shares
CCPA issued notices to Flipkart, Amazon, Snapdeal, Shopclues, Paytm Mall for selling Sub standard Pressure Cooker CCPA issued notices to Flipkart, Amazon, Snapdeal, Shopclues, Paytm Mall for selling Sub standard Pressure Cooker
Festive season sale volumes more than double from last year: Snapdeal Festive season sale volumes more than double from last year: Snapdeal

LATEST NEWS

India moves to leadership position in large-value digital payment system, RBI report

Rakesh Jhunjhunwala Stocks: Agrochemical firm Rallis India shares may surge by 23% despite pressure on margins – Here’s why?

YouTube's new tools to combat comment spam, account imitators

Stock market on Monday: Market may continue its volatile trade, believes Anil Singhvi - crude, rupee movement key monitorable

AMC Sector: Growth-oriented funds lead the strong inflows, says BK Securities – check key triggers

Chemical sector may report growth in operating profit both sequentially and YoY in Q1FY23 – Check details here

Two-wheeler maker Hero MotoCorp sales up 3% in June at 4,84,867 units

Gold Price Today: Investors with short term view must book profits now; import duty hike, rupee weakness may arrest price correction, temporarily

Q1FY23 Preview: Pharmaceutical firms likely to deliver subdued performance in domestic market, says Nirmal Bang -

Battery startup Log9 Materials showcases EVs for last-mile delivery at Green Vehicle Expo

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV