E-Paper
Walmart under ED lens for alleged FEMA violation
The government on Thursday said the Enforcement Directorate is probing alleged violation of FDI regulations by cash and carry chain Walmart.
The government on Thursday said the Enforcement Directorate is probing alleged violation of FDI regulations by cash and carry chain Walmart.
"Directorate of Enforcement has taken appropriate action to examine alleged contravention of provisions of Foreign Exchange Management Act, 1999, (FEMA) by Walmart, on the basis of reference received from RBI," Minister of State for Finance S S Palanimanickam said in a written reply in the Rajya Sabha.
He was replying to a question whether any enquiry is being conducted to probe allegations of foreign exchange rules violation by Walmart when it invested USD 100 million into a company owned by Bharti group in 2010.
Violation of foreign direct investment (FDI) regulations is covered by the penal provision of the FEMA.
The US retailer had invested USD 100 million in Cedar Support Services, an arm of Bharti Ventures.
CPI Rajya Sabha member M P Achuthan has complained that this violated Indian rules as this investment took place when FDI in retail was barred in this country.
Stay updated with all top Cities including, Bengaluru, Delhi, Mumbai and more across India. Stay informed on the latest happenings in World News along with Delhi Election 2025 and Delhi Election Result 2025 Live, New Delhi Election Result Live, Kalkaji Election Result Live at Hindustan Times.
