Tuesday, December 6, 2022

Jamshedpur traders to shut shops on September 28

Jamshedpur, Aug. 23: Traders of Jamshedpur will shut their shops on September 28 as a part of a Bharat Bandh call given by the Confederation of All India Traders (CAIT), an apex body of trading community of India.

Newly nominated senior vice-president of CAIT Brij Mohan Agarwal, who was in steel city told newsmen that the bandh has been called to oppose US retail major Walmart’s acquisition of Flipkart.

” We are against the acquisition as it will create an uneven level playing field and wipe out competition due to their business module which includes predatory pricing, deep discount and loss funding,” explained Agarwal.

Agarwal, who was nominated as the senior vice-president during the annual general meeting of CIAT held in Nagpur on August 19 went on to say that the deal has violated Press Note 3 of 2016 of the Union government. Press Note 3 is a document that spells out FDI norms for e-commerce. It restrains e-commerce companies from influencing prices.

“The markets across the country will remain closed on 28 September while observing Bharat Trade Bandh and traders will take out protest march in their respective cities across the Country,” CAIT said. The decisions were taken on Sunday at the annual general meeting of CAIT, held at Nagpur which was attended by over 200 prominent trade leaders from across the country.

Walmart Inc said last week that it has completed the deal with Flipkart and that it holds a 77 percent stake in the Indian e-commerce major.

Besides, the Bentonville giant’s investment includes $2 billion of new equity funding to help accelerate growth of the Flipkart business.

The commerce and industry ministry notifies FDI policies through press notes. Press Note 3, which was released in 2016, enlists guidelines for foreign direct investment in the e-commerce sector.

It also claimed that no discounting is allowed and that no inventory ownership directly or indirectly is allowed by e-commerce marketplaces,

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