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New norms to ensure balanced growth of e-commerce: Snapdeal
Bengaluru, Dec 27 (IANS) The revised Foreign Direct Investment (FDI) policy on e-commerce would ensure balanced growth of the online industry with gains for both sellers and buyers, said leading e-tailer Snapdeal on Thursday.
“The update to the FDI policy on e-commerce will ensure balanced growth of India’s e-commerce industry, creating lasting gains for both sellers and buyers,” Snapdeal Chief Executive Kunal Bahl told IANS in a statement.
The FDI in marketplaces is meant to enable growth of India’s micro, small and medium enterprises (MSMEs) and the changes in policy will help create a level playing field for all sellers, Bahl said.
The Ministry of Commerce and Industry on Wednesday issued revised policy guidelines on FDI in e-commerce.
The revisions barred e-tail firms from selling products of companies in which they have stakes, prohibited the firms from mandating any company to sell its products exclusively on their e-commerce platforms alone.
The revised policy, which will be in force from February 1, 2019, also prevents the digital retail portals from directly and indirectly influencing the price of goods and services, so as to maintain a level-playing field for online and offline sellers.
The policy also dictates that e-commerce platforms providing a marketplace will not exercise control or ownership over the inventory.
The Indian arm of global e-tail major Amazon in a statement said it was evaluating the new norms.
“We are evaluating the circular,” an Amazon India spokesperson said.
The new norms present additional restrictions for stakeholders of the e-commerce industry, said partner at advisory firm, Deloitte India, Anil Talreja.
“Purchases of goods by inventory owned entities have been restricted to the extent of 25% from the marketplace entity. It casts an onus on the companies to report compliance with these conditions by submitting an annual report by their statutory auditor,” Talreja said in a statement.
The norms will force the impacted e-tail firms to relook at their business model, shareholding structure and transactions, he added.
The renewed policy will ensure all micro-merchants can participate without the fear of being left out, said the Chief Executive of digital payments provider and e-commerce platform Instamojo Sampad Swain.
“With this regulation, we hope the micro-merchants will be able to use all the industries’ best practices that are globally renowned in a much more organised manner, that will help them grow their businesses,” Swain said in a statement.
According to Darshan Upadhyay, partner at full-service law firm Economic Laws Practice, the revised norms need clarity on few points.
“There are specific points that need greater clarity, especially the fact that an entity having ‘equity participation’ by e-commerce market place entity or its group company, is not permitted to sell its products on the platform run by the marketplace,” Upadhyay said in a statement.
The guideline could mean that all vendors, suppliers where the market place entity have insignificant holding render such vendors and suppliers “ineligible” for selling, he added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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