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Wal-Mart violated investment rules, CBI says

Discussion in 'International Relations' started by Marqueur, Jul 19, 2013.

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  1. Marqueur

    Marqueur Peaceful Silence ELITE MEMBER

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    MUMBAI: Wal-Mart Stores Inc violated Indian rules governing foreign investment, the Central Bureau of Investigation (CBI), said in a letter to a member of parliament and seen by Reuters.

    The CBI said in the letter that according to its analysis, Wal-Mart's investment violated Reserve Bank of India guidelines and Foreign Exchange Management Act regulations. However, it said violation of FEMA regulations do not fall under its purview, so it cannot investigate the matter.

    Wal-Mart, the world's largest retailer, has denied the accusations and said on Friday it has cooperated with the government during the investigation.

    A CBI spokeswoman did not provide further details.

    Wal-Mart violated investment rules, CBI says - The Times of India
     
  2. layman

    layman Aurignacian STAR MEMBER

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    Very much expect as UPA was bent on changing the rules for FDI and now we see it is already making news in wrong section.
     
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