Govt takes round-tripping seriously, don’t evade laws: Goyal tells ecomm firms, audit companies

Commerce and industry minister Piyush Goyal on Friday said the government will not overlook if audit firms advise e-commerce companies to circumvent laws and engage in multi-brand retail trade in the country.

“We are firm on multi-brand retail trade. One should not find loopholes in law...that will not be possible for us to overlook,” he said in his address to the members of the Confederation of Indian Industry.

The foreign direct investment (FDI) rules for e-commerce do not allow foreign investment in the inventory-based model or multi-brand retailing.


“Go by the spirit of the law which takes round tripping seriously. Don’t try to evade law of land,” Goyal said.

The government is in the process of finalising a national e-commerce policy whose draft is public since February and for which Goyal had consultations with small traders, and Indian and global e-commerce platforms and information technology companies last week.

“Reciprocity and fairness for Indian interests will be overriding and overarching,” he said, adding that though level playing field is important, there are policy restrictions.

To boost exports, the minister said he is in talks with bankers for foreign currency loans for all exporters and that Export Credit Guarantee Corporation can provide the role of credit enhancing agency.

“We have identified a $50 billion opportunity for exports from the geo political situation,” he said.