The Department of Economic Affairs under the finance ministry has notified changes in Foreign Direct Investment (FDI) norms to allow e-commerce firms to maintain inventory only for export purposes. These firms will have to export goods manufactured or produced in India. Also, FDI in inventory-based e-commerce retailing has not been permitted. The department in a September 2 notification has added a provision in this regard in the Foreign Exchange Management (Non-debt Instruments) Rules, 2019.
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