Swadeshi Jagran Manch calls for ban on e-commerce giants

Swadeshi Jagran Manch, an economic think tank affiliated with Rashtriya Swayamsevak Sangh (RSS), demanded that all permissions granted to multinational e-commerce giants, such as Amazon and Flipkart, be withdrawn and all their activities declared illegal. , as they flouted the standards of FDI, he accused.

In resolutions passed at its December 24-26 national meeting, SJM also called on the government to ban the buying, selling, investing, and trading of cryptocurrencies.

“Impact of discounts”

“It is well known that Amazon and Flipkart own 80% of the online space. The discounts they offer also negatively impact offline marketplaces. They attract customers by offering them high discounts and aggressively advertising to communicate these offers to the general public. This trend has a negative impact on convenience stores and Kirana stores, ”according to the SJM.

People engaged in the wholesale and transportation industry are also facing adversity from e-commerce giants, he added.

Making several allegations against multinational e-commerce companies and their “illegal” operations, such as giving preference to certain vendors and launching competing products, the LSU said not only should the government withdraw permissions for their operations, but that the matter should also be investigated by the CBI.

Regarding cryptocurrencies, the SJM said there should be a ban on buying, selling, investing and trading cryptocurrencies by anyone residing in India. Justifying its proposal, the SJM said the cryptocurrency has no underlying asset and the issuer is also unidentifiable.

“The recognition of cryptocurrency can lead to intense speculation which can ultimately have a negative impact on the financial market and can also lead to money laundering and terrorist financing,” he accused, adding that this could lead to the convertibility of the capital account through the back door.

Cryptocurrencies like Bitcoin and Ethereum should also not be recognized as an “asset” or “digital asset,” as they will indirectly become a medium of exchange like currency, SJM said. People with cryptocurrencies may be allowed to sell or trade the same within a short period of time, subject to submitting the information to the income tax department, he suggested.