"An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity", the commerce ministry had said in a statement at the time.
The Department of Industrial Policy and Promotion has announced that despite receiving requests to extend the 1 February 2019 deadline for Press Note 2 of 2018 (FDI Policy in e-Commerce), it will not extend the deadline.
Industry sources have said the new policy would raise compliance costs and force Amazon and Flipkart to review their business arrangements in the country.
Since FDI in e-commerce is only allowed in marketplace model and not inventory model, the new rules affect large companies such as Amazon and Flipkart. While we are sure that Amazon and Flipkart will find a way out of this and still turn a profit, Indian consumers should definitely brace themselves to feel a pinch, one way or the other.
"The company has no choice as they are fulfilling a compliance requirement, the customers will suffer", said one of the sources. Amazon also owns a minority stake in the parent companies of Cloudtail and Appario, even though it does not have a direct stake on either of the two sellers.
Clothing from Indian department store chain Shopper's Stop was also no longer available, as Amazon owns 5% of the company. "Our main issue and our main concern is trying to minimise the impact to our customers and sellers in India", he added. Consequently, numerous Amazon's private label products have already been taken off from the company's India website.
CBS Releases Its Super Bowl TV Ratings
The MVP of the game was receiver Julian Edelman , who had 10 receptions for 141 yards and looked uncoverable for most of the game. When asked what it would take for him to finally take a bow on his record-setting career, he said, "That's a good question".
The private labels Amazon India pulled out from the local website include clothing brand Symbol, home and kitchen essentials and dry grocery brand Solimo as well as all Amazon Basics products such as bags and luggage.
According to the new set of regulations imposed by the government, a seller who has some stake in the e-commerce company or any of its group of companies will not be allowed to see its products on an online platform.
Moreover, if the government disallows the two firms from holding equity in a manufacturer who then sells on their platform, it could violate the FDI norms for the manufacturing sector, creating a catch 22 situation.
Claiming victory on the non-extension of the deadline, the Confederation of All India Traders (CAIT) complimented the government for taking the bold move saying it is strong step to clean the highly vitiated e-commerce market of the country.
Over the last few weeks, both Amazon and Flipkart had been extensively lobbying - directly as well as through associations and trade bodies - with government officials seeking an extension in deadline.
"We remain committed to complying with all laws and regulations, we will", said Brian Olsavsky, the chief financial officer at Amazon.com.
Nestled behind the cluster's crowded star population, a dwarf galaxy was spotted for the first time, NASA said. NASA's Hubble Space Telescope has been peering into the unknown and infinite universe for almost 30 years.
Under the current Brexit deal, the 310-mile Irish border would become the only land border between the European Union and the UK. The leaders are to discuss preparations for a no-deal Brexit in the event that the withdrawal agreement is not ratified.
Over the weekend, he called on the army to allow in humanitarian aid from the United States via neighboring Colombia and Brazil. Spain's Prime Minister Pedro Sanchez delivers a statement at the Moncloa Palace in Madrid, Spain, Monday, Feb. 4, 2019.
He won't reveal who was involved, but when he was young, he saw drug raids in his house, which he thought was normal. In contrast, Tom Brady has played 39 post-season games alone, winning (an outstanding) five super bowls.
The political crisis intensified on January 23 when Guaido proclaimed himself the country's legitimate leader. The self-declared president has no control over state institutions or any functions of day-to-day governance.
A single, unremarkable egg recently beat Kylie Jenner's record for the most-liked Instagram post of all time . Well, everyone was wondering why on earth the egg would start to crack, and now we have our answer.
Brimming with countless hit songs, Maroon 5 had a plethora of tracks to choose from when determining their set list. Maroon 5 opened the show with a " Songs About Jane " deep cut, so a lot of people probably lost plenty of money.
Jenner rented out a beachside mansion complete with a swimming pool, outdoor shower, and access to a secluded part of the beach. She said: 'I want another baby but when is the question and I'm definitely not ready right this second.
Speaking to Sky Sports after Sunday's game about Liverpool FC, Guardiola said: "I understand pressure, pressure to win the games". We are still in the race and if we dropped points or whatever, then it's still a point against Leicester .
Rodrigo Moreno drove down the middle of the pitch unchallenged and slipped a pass for Kevin Gameiro to fire home first time. He received the ball on the outside of the penalty area and with players in front of him, shot it into the back of the net.
The American Gaming Association expects a $1.3 billion betting increase from last season's Eagles win over the Patriots . If Aaron Donald, Ndamukong Suh, and Fowler live in the Patriots backfield, it will not be a fun night for New England.
Five killed after parts of plane hit house in California
Pat Rogers, who lives about a mile from the crash site, told the Orange County Register he saw the plane on fire and coming apart. The accident happened at 2pm pacific time (10pm GMT) in Yorba Linda, a city about 26 miles southeast of downtown Los Angeles.