New Delhi:
The Enforcement Directorate has begun investigating alleged violation of Foreign Direct Investment (FDI) regulations by cash and carry chain Walmart.
In a written reply in the Rajya Sabha today Minister of State for Finance SS Palanimanickam said, "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 Reserve Bank of India."
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 100 million dollars 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 100 million dollars in Cedar Support Services, an arm of Bharti Ventures.
CPI's Rajya Sabha member MP Achuthan has complained that this violated Indian rules as this investment took place when FDI in retail was barred in this country.
In a written reply in the Rajya Sabha today Minister of State for Finance SS Palanimanickam said, "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 Reserve Bank of India."
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 100 million dollars 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 100 million dollars in Cedar Support Services, an arm of Bharti Ventures.
CPI's Rajya Sabha member MP Achuthan has complained that this violated Indian rules as this investment took place when FDI in retail was barred in this country.
