: Traders' body urged PM Modi to ensure no dilution is made in draft of e commerce rules #finance #StockMarketNEWS Traders' body urged PM Modi to ensure no dilution is made in draft of e commerce rules

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Traders' body urged PM Modi to ensure no dilution is made in draft of e commerce rules #finance #StockMarketNEWS
Traders' body urged PM Modi to ensure no dilution is made in draft of e commerce rules New Delhi, Jun 28 (KNN) In the wake of expected pressure tactics of foreign funded e-commerce companies against the draft of "E commerce rules under Consumer Protection Act", the Confederation of All India Traders (CAIT) has written to Prime Minister Narendra Modi urging him to ensure that no dilution is made in draft of e-commerce rules under any pressure.

The CAIT assured the Prime Minister that the business community stands in solidarity with the government for releasing the said rules which are spelling out the modalities and parameters through which the laws and the rules will be complied and hopes that the draft rules after examining the suggestions and objections will be notified without any further delay.

The draft rules amply reflect the intention of the government that small or big everyone has to obey the law both in letter and spirit as strongly stated by Piyush Goyal, Union Commerce and Industry Minister several times at different national & international forums in the past two years, the traders body.

CAIT National President B C Bhartia & Secretary General Praveen Khandelwal in communication to PM Modi said that it has been observed that in a clandestine manner a voice of terming the rules as stringent is being created in the media with several unfounded stories stating that the rules will discourage flow of FDI in India. These are nothing but fear of the global majors that if they are compelled to obey the rules, their long-term strategy of controlling e-commerce and retail trade will miserably fall and they will have to bring diagonal changes in their business format which will be disadvantageous for them but certainly prompt small traders to adopt and accept e-commerce as a potential mode of business.

Therefore, in the larger interest of the country and your clarion call for " Atmnirbhar Bharat", we urge your good self to ensure that no dilution is made in the draft e-commerce rules-said both trade leaders, they added.

The duo further said the unethical and law violating business practices of foreign funded e-commerce companies has forced closure of a large number of shops in the country. Instead of complimenting the businesses of small traders, these e-commerce companies indulged into all kinds of mal-practices which are strictly prohibited in Press Note 2 of the FDI policy with a calculated but a hidden agenda to control, dominate and monopolise not only the e-commerce but even the retail trade of India by highly disturbing market algorithm and displacing small traders of the country with their livelihood.

They also Khandelwal regretted that these e-commerce companies are treating India as a banana republic having weak laws and rules.

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