ED slaps Rs 10,600-crore FEMA contravention notice against Flipkart

The Enforcement Directorate (ED) has issued a show cause notice of about Rs 10,600 crore to e-commerce major Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday.

They said the notice under various sections of the Foreign Exchange Management Act (FEMA) was issued to 10 people last month that includes Flipkart, its founders Sachin Bansal and Binny Bansal, among others.

Sources said the notice was issued after completion of investigation and the charges include violation of the foreign direct investment (FDI) rules and those that regulate multi-brand retail.