Wal-Mart gets clean chit in FEMA case
World’s largest supermarket chain Wal-Mart, got a clean chit from ED (Enforcement Directorate) in the FEMA (Foreign Exchange Management Act) violation case.
Why a clean chit to Wal-Mart in FEMA Case?
Since Government has allowed FDI in multi-brand retail and also made provision for retrospective regularization of investments. Therefore, a case of violation couldn’t be made against Wal-Mart.
What clean chit in FEMA Case means for Wal-Mart?
Now, Wal-Mart can go after its Indian plans more aggressively.