The Enforcement Directorate (ED) has begun scrutinising a set of voluminous documents recently sent to it by American retail giant Walmart, as part of its reply on a probe against the company's investment in an Indian firm for alleged violations of forex laws.
The company recently sent a detailed reply to the agency as part of communication to notices sent to it earlier under the Foreign Exchange Management Act (Fema), official sources said. "Walmart is cooperating with the government during this process. The Central government has sought certain information and clarification which has been provided by us. We are in compliance with India’s FDI (foreign direct investment) laws, and all procedures and processes have been duly followed and details filed with relevant Indian government authorities, including the Reserve Bank of India," a Walmart India spokesperson said in a statement.
The company, in the reply, has detailed RBI clearances and other transactions that it has conducted in the country, the sources said. The ED is investigating the case on the basis of a communication sent to it by RBI in this regard.
