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<ul><li><keyword id="160091" type="COMPANY" weightage="20" keywordseo="USIBC">USIBC</keyword> has urged the Indian government not to tighten e-commerce rules and not to make any more material restrictive changes to e-commerce investment rules.</li><li><keyword id="853920" type="COMPANY" weightage="20" keywordseo="CAIT">CAIT</keyword> has sent a strongly-worded letter to USIBC President Nisha Biswal stating that USIBC's intervention is unwarranted and runs against the interests of the 85 million traders of India.</li><li>CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that the intervention of USIBC shows both <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> are trying every route for an embargo over proposed changes in Press Note.</li></ul>New Delhi, The <keyword id="76562" type="ORGANIZATION" weightage="20" keywordseo="Confederation-of-All-India-Traders">Confederation of All India Traders</keyword> (CAIT) has strongly criticised US-based lobby group <keyword id="181958" type="ORGANIZATION" weightage="20" keywordseo="US-India-Business-Council">US-India Business Council</keyword> (USIBC) for objecting to an initiative of DPIIT to reframe the Press Note 2 of <keyword id="44528" type="COMPANY" weightage="20" keywordseo="FDI">FDI</keyword> policy. "The uncalled-for intervention of USIBC shows utter desperation of US companies like Amazon and Walmart and which are part of this lobby group, as they have understood that their sinister game of controlling and dominating e-commerce and retail trade of India will soon be over and they are trying to block initiative of DPIIT for bringing a new Press Note and e-commerce policy," CAIT said. "However, the 85 million-strong business community of India will ensure that reforms in e-commerce landscape should take place as soon as possible," the trader's body said. The CAIT has sent a strongly-worded letter to USIBC President Nisha Biswal stating that without knowing the true facts and under pressure of Amazon, Walmart and others, USIBC's intervention is unwarranted which runs against the interests of the 85 million traders of India. USIBC has urged the Indian government not to tighten e-commerce rules and not to make any more material restrictive changes to e-commerce investment rules as it will limit e-commerce firms from leveraging their scale. CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that at a time when in a recent judgement, the Delhi High Court has found Amazon guilty of violation of FDI policy and FEMA, the intervention of USIBC shows both Amazon and Walmart are trying every route for an embargo over proposed changes in Press Note. Bhartia and Khandelwal said that such a hue and cry is not understandable. CAIT said the government is not bringing any new law or policy and it is just trying to include Dos and Don'ts of the Press Note. Further scaling of any business can't be stopped by law or any policy. However, the scaling or growth in business has to be within the purview and parameters as defined in the policy or the law. "Why any entity should worry when the government is clarifying the policy?" CAIT asked. Bhartia and Khandelwal said that USIBC is mistaken in terming the business of these companies as an investment in India. The capital which these companies are using is meant to operate their business activities whose return in shape of revenue is accrued by these companies as their profit. Therefore, terming such capital as investment is factually wrong. CAIT said they are using this so-called investment as burning of capital to support their unethical business practices and also to violate the FDI policy of the government and the Foreign Exchange Management Act (FEMA). In a recent judgement of Delhi High Court, the court has taken on record that Amazon is violating FDI policy and FEMA, it added. SEE ALSO: <a href="https://www.businessinsider.in/business/news/one-thing-we-now-know-for-sure-is-in-the-budget-proposals-a-new-infra-lending-institution/articleshow/80600438.cms" data-type="tilCustomLink">One thing we now know for sure is in the budget proposals⁠— a new infra lending institution</a> <a href="https://www.businessinsider.in/budget/news/nirmala-sithraman-union-budget-2021-date-time-schedule-and-other-details-you-should-know/articleshow/80598178.cms" data-type="tilCustomLink" target="_blank">Union Budget 2021: Date, time, schedule and other details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/a-golden-chance-for-startups-to-raise-a-funding-of-2-million-in-just-10-minutes-at-iit-bombays-e-summit-2021/articleshow/80598283.cms" data-type="tilCustomLink" target="_blank">A golden chance for startups to raise a funding of ₹2 million in just 10 minutes at IIT Bombay’s E-Summit 2021</a>

CAIT miffed with USIBC for intervening in India's e-commerce policy

Traders' body <keyword id="76562" type="General" weightage="80" keywordseo="confederation-of-all-india-traders" source="Orion">Confederation of All India Traders</keyword> (<keyword id="853920" type="General" weightage="80" keywordseo="cait" source="Orion">CAIT</keyword>) has drawn Union Health Minister <keyword id="2607815" type="General" weightage="80" keywordseo="mansukh-mandaviya" source="Orion">Mansukh Mandaviya</keyword>'s attention towards a draft notification issued by the Food Safety and Standards Authority of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> (FSSAI) for the printing of Indian Nutrition Rating (INR) on food packets as part of a labelling exercise with healthy food items getting a higher rating. In a letter, CAIT said that the proposed rules have not taken into account the ground reality of the food trade and various parameters of spending of the consumers. "This move undoubtedly looks to be logical and has been brought with a good intention to ensure quality and nutrified food to the people of India. However, the proposed rules have not taken into account the ground reality of the food trade and various parameters of spending of the consumers," the letter read. CAIT has claimed that the said rules are an attempt to run the food trade with one stick though India is a land of great diversity. "The food trade in India is carried by major companies on the one side but largely crores of small Halwai, food operators, Sweet &amp; Namkeen makers and others conduct their food business activities catering to the requirement of about 80% population of the country," it added. It said that food choices differ from state to state. For example, in Delhi, the people like chat pakori, kachori etc but on the contrary, the people of Gujarat prefer farsan, people of MP have a great choice towards local produced namkeen, people of Maharashtra love eating Pav Bhaji and people of South India have altogether different choices. Notably, these items are largely available in packing. These items are famous because of their very different and special kind of recipes and these all have different nutritional values. These and many other large items are made depending upon the taste of the people. "Any legislation or regulation which may be drafted to regulate them with one yardstick will end with the closure of these large number of small sweet and namkeen manufacturers traditionally known as Halwai and Bakers which will further result into unemployment of a large number of workers who work with these small Halwai and sweet namkeen manufacturers," it added. "We request your good self to kindly consider the above submissions made by us. However, we shall be grateful if you kindly accord us a convenient appointment to discuss the subject in person with your goodself," said the letter written by <keyword id="361703" type="General" weightage="80" keywordseo="praveen-khandelwal" source="Orion">Praveen Khandelwal</keyword>, National secretary general, Confederation of All India Traders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/united-health-interface-will-do-to-service-delivery-what-upi-did-to-payments/articleshow/95830093.cms">‘United Health Interface will do to service delivery what UPI did to payments’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/51-indian-firms-say-sustainability-is-important-only-19-fit-for-the-future/articleshow/95829477.cms">51% Indian firms say sustainability is important, only 19% Fit for the Future</a>

Traders' body seeks printing of Indian Nutrition rating on food packets

New Delhi, The <keyword id="76562" type="COMPANY" weightage="20" keywordseo="Confederation-of-All-India-Traders">Confederation of All India Traders</keyword> (CAIT) has welcomed the <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> proposal to impose 2 per cent extra tax on foreign e-commerce companies whether engaged in business of <keyword id="6371194" type="UNKNOWN" weightage="20" keywordseo="sale">sale</keyword> of goods or providing services, acceptance of offer for sale, placing of purchase order, acceptance of purchase order, payment of consideration or supply of goods and services partly or wholly. As per a statement, it has also been clarified in the Budget that the tax will be applicable for consideration of sale of goods, irrespective of whether the provider owns the portal, and consideration of provisions of services irrespective of whether services are provided or facilitated by e-commerce operators. The provision has been made in the Budget by proposing amendments to Section 163 sub clause (3), Section 164 clause (cb), Section 165 sub section (3) and clause (b) of The <keyword id="6374292" type="UNKNOWN" weightage="20" keywordseo="finance-act">Finance Act</keyword>, 2016. The provision will be applicable retrospectively with effect from April 1, 2020. All such foreign companies which are engaged in sale of goods or providing services through any online mode will come under the purview of this provision and will have to pay 2 per cent extra w.e.f. from April 1, 2020. It's a bold step taken by the government which has been heartily welcomed by the traders across the country, CAIT said. National president of CAIT, B.C. Bhartia, and secretary general, Praveen Khandelwal, while appreciating the move, said that the proposal expands the definition of "online sale of goods" and "online provision of services", thereby eliminating all confusions regarding what could be the true definition of e-commerce in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. CAIT has welcomed the conceptual construct of this provision even as it studies its fine print. The provision amply reflects the intent of the government to crackdown on the the unholy business practices of global e-trailers to monopolise and control Indian e-commerce and retail trade, CAIt said . Bhartia and Khandelwal informed that the introduction of equalisation levy is meant to create a level playing field and to prevent circumvention of tax laws on the digital transactions. The Organisation for Economic Co-operation and Development (OECD) and the United Nations are also9 working on the issue, as there is a global consensus on bringing a mechanism to tax the digital economy adequately. Though equalisation levy in India has undergone changes in 2020 from its introduction in 2016, certain changes have been introduced vide the <keyword id="123776" type="ORGANIZATION" weightage="20" keywordseo="Finance-Bill">Finance Bill</keyword>, 2021 SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-ratan-tata-and-anand-mahindra-might-come-together-for-indias-new-national-hydrogen-mission/articleshow/80645570.cms">Mukesh Ambani, Ratan Tata, and Anand Mahindra might come together for India’s new National Hydrogen Mission</a> <a href="https://www.businessinsider.in/stock-market/news/indigo-paints-shares-listed-at-2607-which-is-at-75-premium-to-the-set-price-band-at-1488-1490-per-share/articleshow/80643645.cms">India’s fifth-largest paint maker Indigo Paints IPO lists at 75% premium over the issue price</a>

Amazon, Flipkart, Microsoft to pay 2% extra tax now

The <keyword id="6355040" type="General" weightage="20" keywordseo="GST-Council" source="Orion">GST Council</keyword> approved the amendments in the GST Act and GST Rules for allowing unregistered suppliers and composition taxpayers to make intra-state supply of goods through <keyword id="35621" type="General" weightage="20" keywordseo="E-COMMERCE" source="Orion">E-Commerce</keyword> Operators (ECOs), subject to certain conditions. Appreciating wholeheartedly the major decision of the GST Council to allow small <keyword id="8112933" type="General" weightage="20" keywordseo="unregistered-vendors" source="Orion">unregistered vendors</keyword> to sell their goods through e-commerce portals, the <keyword id="76562" type="General" weightage="20" keywordseo="Confederation-of-All-India-Traders" source="Orion">Confederation of All India Traders</keyword> (CAIT) on Saturday thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this "progressive decision" which was demanded by CAIT since last more than two years. CAIT national president B.C. Bhartia and Secretary General Praveen Khandelwal said this decision will empower small traders who are below GST threshold limit to expand their business through e-commerce and will strongly strengthen Digital India vision. There are more than 8 crore small traders in the country but a large number of traders are conducting business activities without GST registration since their annual sale is below the GST threshold limit. Such traders will now be able to trade on e-commerce. Earlier, GST Council in its 47th meeting had granted in-principle approval for allowing unregistered suppliers and composition taxpayers to make intra-state supply of goods through ECOs, subject to certain conditions. CAIT said that India is fast emerging as the e-commerce hub and there is tremendous growth in online business. E-commerce business in India is now approximately 10 per cent of total retail. "In view of this it was extremely pertinent that small vendors, those who have small turnovers and do not fall under the purview of the GST, were not able to conduct online business, thus causing huge loss of market and business opportunities," a statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gst-council-meet-decriminalisation-tax-evasion-in-pan-masala-gutkha-biz-on-agenda/articleshow/96297108.cms" style="">GST Council meet: decriminalisation, tax evasion in pan masala, gutkha biz on agenda</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-motors-subsidiary-to-operate-921-electric-buses-in-bluru/articleshow/96294242.cms" style="">Tata Motors subsidiary to operate 921 electric buses in B'luru</a>

GST Council to allow e-commerce for unregistered vendors

New Delhi, Jan 12 () Traders across the country will on January 15 stage protest against Amazon CEO Jeff Bezos, who will be visiting India this week, CAIT said on Sunday.
The traders' body alleged that his visit was to build a "false narrative" that e-commerce major is empowering small traders through its portal.
Bezos is likely to meet Prime Minister Narendra Modi and officials, besides industry leaders, according to sources.
Confederation Of All India Traders (CAIT) has been claiming that Amazon and Walmart-owned Flipkart offers deep discounts and engaged in unfair business practices.
In a statement, CAIT described Amazon and Flipkart as "habitual offenders" of policy and law, claiming that they were destroying the e-commerce and retail trade eco system of India through predatory pricing, deep discounting, exclusivity and preferential seller system.
The traders' body has also sought an audience with the Prime Minister, prior to his meeting with Bezos, to apprise him about the "sinister game and evil design of Amazon business game which has already destroyed business of lakhs of small traders in the country".
The traders across the country will observe January 15 as National Protest Day, under which Bezos visit will be strongly opposed by gathering of traders by holding Halla Bol Rally and Sit-In in different cities of all states of the country," CAIT Secretary General Praveen Khandelwal said. RSN LUX
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Traders to protest against Amazon chief Bezos' India visit

The Confederation of All India Traders (<keyword id="853920" type="COMPANY" weightage="20" keywordseo="CAIT">CAIT</keyword>) has written to Minister for <keyword id="84" type="ORGANIZATION" weightage="20" keywordseo="Commerce">Commerce</keyword> and Industry Piyush Goyal seeking action against e-commerce majors <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> over alleged supply of non-essential goods amid the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> restrictions. "They have now started taking undue advantage of the pandemic by making illegitimate financial gains by supplying non-essential items which have been strictly prohibited by many state administrations due to ongoing lockdowns to prevent the spread of Covid-19," said the letter written by CAIT Secretary General <keyword id="361703" type="PERSON" weightage="20" keywordseo="Praveen-Khandelwal">Praveen Khandelwal</keyword>. The traders' body alleged that amidst the pandemic, the e-commerce players are trying to capture the market share from small traders by defining every item as essential including mobile phones and accessories. CAIT also said that the government should bring in "a new press note with clarifications with regards to what is permitted and prohibited for marketplace e-commerce entities, to expedite the process and save the industry for the ulterior motives of these foreign entities". It also blamed the government of turning a blind eye to the "violations" of the e-commerce giants as they are "larger than life corporations". SEE ALSO: <a href="https://www.businessinsider.in/india/news/favipiravir-shortage-may-get-filled-up-in-a-couple-of-weeks-provided-people-dont-hoard/articleshow/82268973.cms">Favipiravir shortage may get filled up in a couple of weeks provided people don't hoard</a> <a href="https://www.businessinsider.in/international/news/india-will-receive-the-first-batch-of-russia-covid-19-vaccine-sputnik-by-may-1/articleshow/82269061.cms">India will receive the first batch of Sputnik V COVID-19 vaccine by May 1 — in time for the third phase of its vaccination drive</a> <a href="https://www.businessinsider.in/science/health/news/who-is-doing-everything-to-help-india-with-its-covid-19-crisis-as-gavi-waits-for-vaccine-exports-to-begin-again/articleshow/82270068.cms">WHO is ‘doing everything’ to help India with its COVID-19 crisis as GAVI waits for vaccine exports to begin again</a> <a href="https://www.businessinsider.in/politics/elections/news/election-commission-bans-all-victory-processions-on-or-after-counting-in-tamil-nadu-assam-goa-west-bengal-and-kerala-assembly-elections/articleshow/82269994.cms">Election Commission bans all victory processions on or after counting on May 2</a>

CAIT seeks action against e-commerce majors Amazon and Flipkart over alleged supply of non-essential items during COVID-19

New Delhi, Nov 20 () Trade associations observed "National Protest Day" on Wednesday and held protest dharnas against "unethical trade practices" of leading e-commerce firms like Amazon and Flipkart in over 700 cities across the country, CAIT said.
 The traders' body, which has been alleging that these e-commerce firms were adopting unethical trade practices and are openly violating the government's FDI policy, claimed the protests were attended by lakhs of traders.
 "The demonstrating traders said India's e-commerce market has been made highly toxic by Amazon and Flipkart with their unethical trade practices and open violation of the government's FDI policy," the Confederation of All India Traders (CAIT) said.
 According to the traders' body, the protestors demanded that the government impose an immediate ban on e-commerce portals of both Amazon and Flipkart.
 B C Bhartia, National President of CAIT said traders have no objection to Amazon and Flipkart conducting business in India, but like merchants, these e-commerce firms should also follow every provision of foreign direct investment (FDI) policy of the government and other tax laws.
 The traders' body demanded that Amazon and Flipkart be asked to shut their portals till the time these firms make their portals fully compliant with FDI policy and other laws.
 It has also sought a probe into the business model, accounts and inflow of foreign investment and its disbursal by both the companies. RSN DRR

Traders' body holds nation-wide protests; demands ban on Amazon, Flipkart

New Delhi, Jan 15 () Traders' body CAIT on Wednesday alleged that the USD 1 billion investment announced by Amazon chief Jeff Bezos is "promotional finance" to Amazon India to crush retail trade and encourage predatory pricing and deep discounting.
Confederation Of All India Traders (CAIT), which has been opposing Bezos' visit to India, said more than 5 lakh traders supported its protests in about 300 cities, and about 5,000 trade associations participated.
The USD 1 billion investment by Bezos for small and medium businesses is not an investment, but promotional finance to Amazon India to crush retail trade and encourage his team in India to do more predatory pricing and deep discounting, and to go on violating FDI policy, CAIT Secretary General Praveen Khandelwal said. 
He termed the target of exporting USD 10 billion worth of Make in India goods by 2025 "ridiculous". 
Bezos wants to build a false and wrong narrative to show that Amazon is pro small traders, Khandelwal claimed.
Amazon.com Inc chief Jeff Bezos on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.
Before this, the online retail giant had committed USD 5.5 billion investments in India - Amazon's most important market outside of the US and a key growth driver.
 Bezos, who began a three-day visit to India on Tuesday by visiting Mahatma Gandhi memorial at Rajghat here, was speaking at the SMBhav event - an Amazon India gathering for small and medium businesses. SR
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ANU

USD 1 bn not investment but promotional finance to Amazon India to crush retail trade: CAIT

Kolkata, Apr 22 () After a slump in business frombrick and mortar stores during the Covid-19 induced lockdown,an organization of traditional small traders on Wednesdayclaimed that it would launch an e-commerce portal foressentials "in a day or two" in association with its partners.An official of the Confederation of All India Traders(CAIT) that represents seven crore traders and 40,000 tradeassociations said the project aims at delivering essentialitems to the doorstep of a customer by a neighbourhood store."A pilot has been going on in six cities of Allahabad,Delhi, Jhasi, Varanasi, Gorakhpur, Lucknow for the past sevendays involving around 800 local traders. We are planning apan-India launch with a target of involving one lakh tradersand stores in a day or two," CAIT West Bengal generalsecretary Rabi Shankar Roy told .Only essential items would be delivered through theE-Lala portal during the lockdown and after it is lifted, thee-commerce site will also deal with non-essentials, he said.Bengal based traders body, Confederation of WestBengal Trade Association, said they are taking steps toempower consumers with details of local stores in theirwebsite and proposed to join the e-commerce bandwagon at alater stage, its president Sushil Poddar said.Connecting consumers with neighbourhood stores willhelp maintain social distancing without any travel hurdles, hesaid.Roy said Global Linkers is the technology partner ofE-Lala while Consumer Products Distributors Federation and AllIndia Transporters Welfare Association are part of theecosystem.He said it is free for traders to be on board whileconsumers will have to pay a small delivery charge for homedelivery by the local store.Roy said CAIT has launched a nationwide campaign forcollecting data of seven crore traders and their employees. BSMNN NN

Lockdown forces offline traders to launch e-commerce platform

New Delhi, Jan 3 () Defence Minister Rajnath Singh will inaugurate the three-day National Traders Convention here on January 6, which will deliberate upon various issues concerning traders, CAIT said on Friday.
Confederation of All India Traders (CAIT) said various critical issues of the trading community will be discussed at the convention, including "onslaught of e-commerce companies on retail trade by their mal-practices and violation of FDI policy and to seek immediate steps by the government to make them obligatory to comply with FDI policy or else leave the country".
"We are demanding to the government to make them (e-commerce companies) comply with the FDI policy," CAIT Secretary General Praveen Khandelwal told .
One of the key issues of concern to be taken up at the Convention is how e-commerce firms are destroying India's domestic retail trade, Khandelwal said, adding that traders are also hit by issues related to GST, Food Safety Standards Act and difficulties in availing bank loans.
He said a Delhi Declaration will be issued at the end of the three-day convention after detailed deliberations on all key issues affecting traders.
Khandelwal informed that CAIT is coming up with an initiative to link 7 crore traders across the country to e-commerce without any fee.
"We ran a pilot of this scheme in Chhattisgarh and Madhya Pradesh which was quite successful. Now we will roll it out across the country," he added. 
According to the traders' body, thousands of traders will participate in the convention to deliberate on several critical issues and release a Delhi Declaration as a mandate for 2020. The convention will also discuss role of trading community in achieving USD 5 trillion economy goal of Prime Minister Narendra Modi.
Khandelwal said Defence Minister Rajnath Singh will inaugurate the convention on January 6, which will also be attended by several Union ministers including Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, Urban Development Minister Hardeep Puri, Health Minister Harsh Vardhan, Environment Minister Prakash Javadekar, Textile Minister Smriti Irani and Agriculture Minister Narendra Singh Tomar.
Early introduction of a comprehensive e-commerce policy, reforms needed for the e-commerce sector, including formation of a Regulatory Authority or Ombudsman, linkage of 7 crore traders with e-commerce under Digital India programme and ban on cash on delivery will also be discussed.
"Payment system in e-commerce will be elaborately discussed and future action plan will be chalked out. Similarly problems arising out of implementation of GST, simplification and rationalisation of GST tax structure, removal of disparities and anomalies in different GST tax rate slabs, blockage of refund with the government and ways and means for aggregation of 2 crore traders under GST will be discussed at length," Khandelwal said.
Acceptance and faster adoption of digital payments among trading community, abolition of bank charges on digital payments, digitalisation of traders and its road blocks, access to easy finance to traders through Banks &amp; other financial institutions and policies for comprehensive financial inclusion of traders will also be discussed, he added. RSN BAL

Rajnath Singh to inaugurate National Traders Convention on Monday: CAIT

The electronic and digital segments of the <keyword id="60655" type="ORGANIZATION" weightage="60" keywordseo="financial-markets">financial markets</keyword> have the potential to grow and expand in India, especially the cash-management system via <a href="http://www.businessinsider.in/searchresult.cms?query=ATM-debit+card+">ATM-debit card</a> usage. 
 The potential of <keyword id="3086675" type="UNKNOWN" weightage="100" keywordseo="ATM-debit-card">ATM-debit card</keyword> transactions is big in the cash-driven <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+economy+">Indian economy</a> comprising of some 58 million <a href="http://www.businessinsider.in/searchresult.cms?query=small+and+medium+enterprises+">small and medium enterprises</a> (<keyword id="44779" type="COMPANY" weightage="60" keywordseo="SMEs">SMEs</keyword>), merchants and traders, said Ari Sarker, co-president for Asia Pacific at <keyword id="6368201" type="CITY" weightage="60" keywordseo="MasterCard">MasterCard</keyword>. 
 
He estimated that more than 520 million debit card users have been withdrawing an average of $370 billion cash from a 190,000 ATM network in one year. 
 
Moreover, the fact that India is 95% cash driven economy is a good sign and could boost more competition in the digital sector of the financial market, Sarker said regarding the current cash-based dealings among most of the SMEs, merchants and traders, who are members of the Confederation of All India Traders (CAIT). 
 
Moreover, a competitive environment would produce innovative products and services, especially in line with the government's initiatives which aggressively promote mobile banking among others. 
 
Presently, the Rupay Card of the National Payments Corp of India (NPCI) dominates the debit card market. But Sarker is of the view that the Indian market is ready for more players. 
 
"The greatest service the country can do is to encourage many players to play in this industry, because the more people you allow to play, the better are the products, services and level of competition," he said. 
 
The ATM volume makes up 87% of the entire market flow with the rest 13% done through <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce+">e-commerce</a> and point of sale. 
 
Going forward, SMEs, traders and merchants would have to increase the use of electronic banking transactions which would eventually support credit worthiness of their business among financial institutions. 
 
Looking forward to an open competition, Sarker reaffirmed MasterCard's presence in India with expansion plans. 
 
In May this year, MasterCard and CAIT launched a joint initiative to promote the digitization of payments among Indian traders, through knowledge sharing and training sessions across the country, in line with the government's ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Digital+India">Digital India’</a> vision. 
 
(Image: Indiatimes)

A huge revolution is waiting to happen in the Indian financial market!

Mumbai, May 5 () Indian retail sector comprising around 7 crore traders has witnessed a loss of Rs 5.50 lakh crore since March 25 when the lockdown was imposed to contain the coronavirus infection, traders' body CAIT said on Tuesday. Besides at least 20 per cent of Indian retailers are likely to wind up their businesses in the next few months, the Confederation of All India Traders (CAIT) said in a statement. Following these challenging times, CAIT has urged the government to award a substantial package to traders to ensure their survival. COVID-19 has caused a huge dent in retail trade which will have a devastating effect on the whole country, CAIT Secretary-General Praveen Khandelwal said. "Indian retailers do a daily business of around Rs 15,000 crore and since the country is in a lockdown there has been a huge loss of over Rs 5.50 lakh crore of business, which is done by 7 crore traders of the country. This will force around 1.5 crore traders to permanently down their shutters and a further 75 lakh traders, who are dependent on these 1.5 crore traders, will fold up in the medium term," he added. At least 2.5 crore traders in India are micro and small in nature who do not have deep pockets to sustain this severe economic catastrophe, he added. On the one hand, they are paying salaries, rentals, other monthly expenses and on the other hand, they will have to deal with a sharp dip in disposable income of consumers along with strict social distancing norms, which will not allow business to return to normalcy for at least 6-9 months, Khandelwal said. The Indian economy was already passing through a recessionary phase and there was a significant downturn in demand across sectors, but this pandemic has delivered the knockout punch and washed away all hopes of revival, he added. CAIT National President B C Bhartia urged the government to intervene otherwise the sector will suffer unprecedented damage. "If there are no steps taken now to resolve this the economic pandemonium will be even bigger than the Corona pandemic," he added. SM MR

Retail sector loss reaches Rs 5.50 lakh cr in lockdown: CAIT

New Delhi, In a significant development related to war between e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> to take necessary action against <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and Walmart-owned-Flipkart. The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders (CAIT) for <keyword id="2621917" type="PERSON" weightage="20" keywordseo="blatant-violation">blatant violation</keyword> of <keyword id="35066" type="ORGANIZATION" weightage="20" keywordseo="fdi-policy">FDI Policy</keyword> and Foreign Exchange Management Act, 1999 (FEMA) by these companies. CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal informed that on several complaints made by the CAIT to Union <keyword id="84" type="ORGANIZATION" weightage="20" keywordseo="Commerce">Commerce</keyword> Minister Piyush Goyal in the recent past against Amazon &amp; Walmart-owned-<keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, the Department of Promotion of Industries and Internal Trade (DPIIT) of the Ministry of Commerce in its letter issued on December has asked both Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Flipkart. Bhartia and Khandelwal said that in its communication to ED and RBI, the DPIIT has forwarded four complaints of CAIT including violation of FDI policy in deal between Flipkart and Aditya Birla Group, violation of FDI policy related to FDI in manufacturing which is being used for Multi Brand Retailing by various e-commerce companies, violation of FEMA and its rules by Amazon and blatant violation of FEMA and FDI Policy by Amazon and Flipkart and exploitation of loopholes by them. CAIT said that traders across Country will observe Year 2021 as "Bhartiya Vyapaar Samman Varsh" under the aegis of CAIT and all efforts will be made to clean the e-commerce landscape of India and an era of manipulations, mal-practices and exploitation will come to end and the CAIT will promote and encourage traders across Country to adopt digital commerce and digital payments as new instruments to widen the net of business in India. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tata-steel-vedanta-adani-green-tata-motors-maruti-mm-dhfl-v-mart-indian-bank-and-others/articleshow/80038635.cms">Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&amp;M, DHFL, V-Mart, Indian Bank, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-the-list-of-upcoming-new-mobiles-in-january-2021-with-expected-price/articleshow/80039794.cms">Upcoming smartphones in India in January 2021</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a>

You Searched For "India traders" and got 13 results

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A huge revolution is waiting to happen in the Indian financial market!

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Retail sector loss reaches Rs 5.50 lakh cr in lockdown: CAIT

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Amazon and Flipkart accused of violating FDI policy — Indian government asks RBI and ED to take action

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