Flipkart May Face $1.35 Billion Penalty Over Violating Forex Norms

Walmart-owned Flipkart is alleged of hoodwinking foreign exchange laws and giving preferential treatment to select sellers by Enforcement Directorate (ED) today, Reportedly, it may have to pay a fine of $1.35 Billion. An ED official said, Flipkart attracted foreign investment and a related party, then sold goods on its shopping website which is against laws. Flipkart's spokesperson defended the company by saying "It complies with Indian rules".