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The Swadeshi Jagran Manch, an economic think-tank affiliated to the Rashtriya Swayamsevak Sangh (RSS), has demanded that all permissions given to multinational e-commerce giants, such as Amazon and Flipkart, be withdrawn and all their activities be declared illegal, as they have been flouting FDI norms, it accused.
In resolutions adopted at its national meet on December 24-26, SJM also asked the government to ban buying, selling, investing and dealing in cryptocurrencies.
‘Impact of discounts’
“It is well known that Amazon and Flipkart hold 80 per cent of online space. Discounts offered by them are adversely impacting offline markets also. They are luring customers by offering high discounts, advertising aggressively to communicate such offers to the general public. This trend is adversely impacting the neighborhood shops and kirana stores,” according to the SJM.
People engaged in wholesale and transport sector are also getting adversity affected by e-commerce giants, it added.
Levelling several allegations against multinational e-commerce companies and their “illegal” operations such as giving preference to certain sellers and launching competing products, the SJM said that not only should the government withdraw permissions for their operations but the matter should also be investigated by the CBI.
On crypto currencies, the SJM said that there should be a ban on buying, selling, investing and dealing in cryptocurrencies by any person resident in India. Justifying its proposal, the SJM said that cryptocurrency has no underlying asset and neither is the issuer identifiable.
“Recognition of crypto currency may lead to heavy speculation which may in term adversely impact financial market and may also result in money laundering and terror financing,” it charged, adding that it could lead to capital account convertibility from the back door.
Cryptocurrencies like Bitcoin and Ethereum should also not be recognised as ‘asset’ or ‘digital asset’ because they will indirectly become medium of exchange like currency, SJM said. Persons holding crypto currencies may be allowed to sell or exchange the same within a short span of time subject to provision of submitting the information to Income Tax Department, it suggested.
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