Latest news

Investor Nicole Junkermann says India has Structural Advantage in Global Artificial Intelligence Race

Investor Nicole Junkermann says India has Structural Advantage in Global Artificial Intelligence Race

Punjab T10 Cricket League Rescheduled; Action to Now Take Place from June 14 to 20 in Amritsar

Punjab T10 Cricket League Rescheduled; Action to Now Take Place from June 14 to 20 in Amritsar

Quad to launch critical minerals framework to strengthen critical mineral supply chains in Indo-Pacific: US Secretary of State

Quad to launch critical minerals framework to strengthen critical mineral supply chains in Indo-Pacific: US Secretary of State

India Semiconductor Mission launches 'Investors Support' portal to assist Semiconductor Investors

India Semiconductor Mission launches 'Investors Support' portal to assist Semiconductor Investors

M416 Glacier Rewards Return in BGMI's Latest Redeem Code Reveal

M416 Glacier Rewards Return in BGMI's Latest Redeem Code Reveal

BTS returns to AMAs stage after four years with pre-taped 'Hooligan' performance

BTS returns to AMAs stage after four years with pre-taped 'Hooligan' performance

Decathlon's 'Sports Utsav 2026' Celebrates Movement, Engaging 200K+ Participants Across 125 Stores Pan-India

Decathlon's 'Sports Utsav 2026' Celebrates Movement, Engaging 200K+ Participants Across 125 Stores Pan-India

India, Canada push for early trade deal; PM Mark Carney calls CEPA 'Game Changer'

India, Canada push for early trade deal; PM Mark Carney calls CEPA 'Game Changer'

Walmart backed Flipkart served a $1.35 billion fine from the ED

Notice under various sections of the Foreign Exchange Management Act (FEMA) was issued to 10 people last month that includes Flipkart, its founders Sachin Bansal and Binny Bansal, among others.

Walmart backed Flipkart served a $1.35 billion fine from the ED

The Enforcement Directorate has slapped a $1.35 billion or Rs 10,600 crore penalty on the Walmart backed e-commerce giant Flipkart over alleged foreign investment laws violation.

This is the biggest show-cause notice under the Foreign Exchange Management (FEMA) Act.

Flipkart's founders Sachin Bansal and Binny Bansal as well as its investor Tiger Global received a show-cause notice in July by the agency. Flipkart attracted foreign investment and a related party, WS Retail, then sold goods to consumers on its shopping website, which was prohibited under law, the report mentioned.

Walmart-owned company and its executives will now undergo adjudication that will be conducted by a Special Director-rank officer of the agency based in Chennai.

Indian regulatory authorities have been keeping a close eye on e-commerce platforms Flipkart and Amazon. Both are already facing anti-trust investigations.

ADVERTISEMENT

Up Next

Walmart backed Flipkart served a $1.35 billion fine from the ED

Walmart backed Flipkart served a $1.35 billion fine from the ED

How much does a ULIP plan really cost? A break-down of all charges

How much does a ULIP plan really cost? A break-down of all charges

Centre plans to borrow Rs 8.20 lakh cr from market in first half of FY27

Centre plans to borrow Rs 8.20 lakh cr from market in first half of FY27

Reliance denies buying Iranian oil amid US sanctions waiver

Reliance denies buying Iranian oil amid US sanctions waiver

Premium petrol price up Rs 2, industrial diesel up Rs 22; no change in normal petrol, diesel rates

Premium petrol price up Rs 2, industrial diesel up Rs 22; no change in normal petrol, diesel rates

India's GDP expected to register over 8 pc growth in Sep-Dec: Report

India's GDP expected to register over 8 pc growth in Sep-Dec: Report

ADVERTISEMENT

editorji-whatsApp

More videos

Govt announces seven measures to help boost exports

Govt announces seven measures to help boost exports

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI proposes to compensate customers up to Rs 25,000 loss due to fraud

RBI proposes to compensate customers up to Rs 25,000 loss due to fraud

RBI raises GDP growth projection of Q1, Q2 of FY27

RBI raises GDP growth projection of Q1, Q2 of FY27

RBI pauses rate cuts, retains interest rate at 5.25 pc

RBI pauses rate cuts, retains interest rate at 5.25 pc

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

Stock markets cheer India-US trade deal: Sensex, Nifty surge 2.5 pc

Stock markets cheer India-US trade deal: Sensex, Nifty surge 2.5 pc

UPI transactions hit record high of Rs 230 lakh crore in 2025-26 till Dec: Govt

UPI transactions hit record high of Rs 230 lakh crore in 2025-26 till Dec: Govt

Explained: India-US trade deal, tariffs and trade benefits

Explained: India-US trade deal, tariffs and trade benefits

Trade deal with US adds momentum to India's growth ambition: Industry leaders

Trade deal with US adds momentum to India's growth ambition: Industry leaders

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.