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Have asked ED to look into FDI policy violation issue: Suresh Prabhu

Have asked ED to look into FDI policy violation issue: Suresh Prabhu

New Delhi: Commerce and Industry Minister Suresh Prabhu on Wednesday said the ministry has asked the Enforcement Directorate (ED) to look into the complaints related to alleged violation of foreign direct investment norms by some e-commerce players.

The government wants to protect small traders and "that is why I have asked ED to investigate the issue and if somebody has violated the norms, action should be taken against them and we will pursue this matter," he said here.

He was addressing the members of Confederation of All Indian Traders (CAIT) here.

Traders body CAIT has time again filed complaints with the ministry on the issue and violation of FDI in e-commerce rules by certain online retail firms.

Swadeshi Jagran Manch too had alleged that US retail giant Walmart was circumventing rules for a back-door entry into India with its majority stake acquisition of Flipkart.

Any infringement of the law or allegation will be investigated by the ED.

On the demand of traders to formulate a national retail trade policy, Prabhu said he has already urged the consumer affairs minister to look into the matter.

"Growth in retail trade would help boost the country's economy. Internal trade is not the subject of my ministry. I had written a letter to consumer affairs minister for making the policy and we will give inputs for that. I will again ask him for this," he added.

He also assured the traders to look into the issues related to setting up of a board of internal trade.

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