CAIT demands centre to prohibit ‘Shopee's operations’ in India for allegedly violating a 2020 Foreign Direct Investment (FDI)

17 December 2021, Mumbai:

The Confederation of All India Traders (CAIT) on Thursday urged Union Finance Minister Nirmala Sitharaman to ban Chinese e-commerce company Shopee, which it claimed to be operating in India against FEMA Rules and FDI Press Note of 2020.

The traders' body urged the Centre to take immediate cognisance of the matter.

According to the 2020 rule, an entity of any country, which shares a land border with India or where the beneficial owner of investment into India is situated in or is a citizen of any such country, can invest only through the government route.

CAIT accuses the Chinese e-commerce company Shopee of violating the rule.

BUSINESS STANDARD (The news article has not been edited by DFU Publications staff)

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