Amazon fined Rs 200 crore

International Desk:

India’s Competition Commission of India (CCI) has finally fined US e-commerce giant Amazon around Rs 200 crore over a deal with Future Group.

Amazon’s two-year-old deal with Future Coupons Pvt Ltd will be suspended for the time being, the commission said. The agreement reached between Future Group and Amazon in 2019 had multiple errors. The information in that agreement is also confidential.

However, no response has been received from Amazon yet. The company says it will examine the commission’s report for now and then announce its future plans.

The lawsuit was probably funded by a lawsuit filed by Amazon and Reliance. An investigation was then launched by the Enforcement Directorate. Allegedly, the agreement violated the Foreign Exchange Regulation Act (FEMA) and the Foreign Direct Investment Act (FBI).

A few days ago, Amazon warned that if the agreement with Future Group was forced to be scrapped, it would have a negative impact on foreign investors.