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Mar 20, 2017 06:16 PM IST | Source: PTI

Three cases under probe for possible violation of FEMA: Govt

Three cases under probe for possible violation of FEMA: Govt

The government has initiated three investigation cases against e-commerce companies till February this year for possible violation of the Foreign Exchange Management Act (FEMA), Parliament was informed today.

"The government has initiated investigations against a number of e-commerce companies during the last three years and the current year for possible contraventions of (FEMA), 1999," Commerce and Industry Minister Nirmala Sitharaman said.

She was replying to a question in the Lok Sabha.

Four cases were initiated for investigation in 2014, while six and five in 2015 and 2016, respectively.

Till February of this calendar year, three cases are being investigated under the FEMA.

As per the current FDI policy, 100 percent foreign direct investment is permitted through automatic route in the marketplace format of e-commerce retailing.

Replying to a separate question on special economic zones, the minister said during April-December 2016-17, exports from SEZs stood at Rs 3.58 lakh crore.

The exports were Rs 4.67 lakh crore in 2015-16.

Presently, out of 331 notified zones, a total of 210 are operational.
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