Wednesday, August 14, 2013

CBI caught Walmart violating RBI, FEMA norms: CPI

Walmart is in for more trouble as the Central Bureau of Investigation (CBI) has found violation of Reserve Bank of India (RBI) and Foreign Exchange Management Act (FEMA) regulations by the US-based retailer when it made its India entry with the Bharti group. CBI in its letter has said that violation of FEMA regulations does not fall under its purview and hence it cannot investigate the matter & the complaint has been closed at their end. The issue is therefore being investigated by the Vigilance Officer of the Commerce Ministry.

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