ED may fine Flipkart up to Rs 31,800 crore for alleged FDI violations

Flipkart may be fined up to Rs 31,800 by the Enforcement Directorate for allegedly violating FDI rules. However, Flipkart has claimed it has always complied with Indian laws including the FDI rules.

The Enforcement Directorate (ED) is likely to impose a penalty of up to Rs 31,800 crore on e-commerce giant Flipkart for violating Foreign Direct Investment (FDI) rules, sources said on Thursday. India Today TV has learnt that the financial probe agency had sent a show-cause notice under the Foreign Exchange Management Act (FEMA) to Flipkart and its senior officials on July 1 for violating the FDI rules.