window.addEventListener('DOMContentLoaded', function() {
Connect with us

News

Ecommerce Giants Flipkart And Amazon Violating FDI Rules – Indian Cellular Association

Published

on



Indian and international ecommerce giants like Flipkart and Amazon have been allegedly violating Foreign Direct Investment (FDI) rules according to handset maker’s lobby group Indian Cellular Association (ICA.)

According to reports, the lobby group representatives have also met with Commerce Minister Suresh Prabhu to take action against Flipkart and Amazon. ICA alleges the ecommerce platforms offer direct and indirect discounts on mobile phones and other products circumventing rules under Press Note 3 on FDI. Representatives who met with Suresh Prabhu recently explained the ecommerce companies were holding inventory and influencing the prices of electronic goods, thereby, eroding offline retailers’ revenue and putting at risk the jobs of nearly 60 million people.

In a letter addressed to Mr. Prabhu, ICA added, “In the view of the alarming situation that the industry and India are facing, we request urgent and severe action against Amazon India and Flipkart for rampant violations of the conditions of Press Note 3 by both, directly and indirectly, influencing the sale price of mobile phones and other goods.

The lobby group, according to a report by ET Now, is seeking necessary amendments in Press Note 3 and other linked laws to ensure strict action against the violators under the Prevention of Money Laundering Act. At present, the ICA represents several mobile makers in India, including Micromax, Apple, Nokia, Vivo, Lava, Lenovo and Motorola. ICA further added the ecommerce platforms involve various intermediaries and support entities in the chain to camouflage both discounts and losses. “With these intermediaries, both Amazon India and Flipkart are able to pass discounts, without booking the same in their own books. The breakdown of expenditure in various deals keeps changing to make detection difficult,” ICA added.

Under Press Note 3, 100% FI in India is only allowed when companies are engaged in business to business sales and not in business to consumer transactions. Therefore, ecommerce firms like Amazon and Flipkart can only function as a marketplace to connect buyers and sellers, and not influence prices.

This is not the first time ecommerce platforms have been blamed for offering heavy discounts. However, Amazon denied all allegations and a spokesperson said, “Amazon remains committed to comply and is in compliance with all applicable Indian laws and regulations. The prices for products on the Amazon.in marketplace are completely determined by the sellers.” Flipkart is yet to respond to these allegations.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Meta’s AI Assistant, Meta AI: Friend or Foe for Searching Giants?

Published

on

Meta Platforms (formerly Facebook) has introduced Meta AI, an AI assistant, powered by Llama 3 language model, designed to be your one-stop shop for information, chat, and creativity. This means you can get real-time information on Facebook, WhatsApp, Messenger, and Instagram without ever leaving the app!  

Meta AI’s search strategy is an intriguing twist. While it may appear to be a competitor to Google and Bing, it contends that Meta AI is not a competitor, but rather a collaborator. Here’s why:

By relying on established search engines as sources, Meta AI positions itself as a user-friendly tool that combines the best of Google and Bing. Imagine getting results from both Google and Bing in the same search. As you are exposed to different points of view, you may gain a more comprehensive understanding of the subject. They’re calling it the “most intelligent AI assistant that you can freely use,” so it will be interesting to see how it compares to other assistants on the market. 

How does Meta AI help you? 

Search Powerhouse: Meta AI combines Google Search and Microsoft Bing results to provide you with a more comprehensive view of your queries.

Chatty companions: Need answers or simply want to talk? Type “@MetaAI” into Facebook Messenger, Instagram, or WhatsApp and let the conversation begin.

Creative Spark: Feeling artistic? Meta AI allows you to create custom stickers and photos based on your text descriptions.

Where to Find Your Meta-AI Buddy:

  • Look for Meta AI in the search bars on Facebook, Instagram, Messenger, and WhatsApp.
  • To respond to posts, interact with Meta AI directly in Facebook’s main feed.
  • Explore the new meta.ai website for extended conversations.
  • Type “Imagine” into your WhatsApp chat to generate real-time images.
  • The future may even include access via Meta’s VR headsets and Ray-Ban smart glasses.

The Future of AI Assistants

Only time will tell how Meta AI integrates into our lives, but it certainly offers a glimpse into an interactive future where AI assistants cater to our search, chat, and creative needs.  Whether Meta AI becomes a true partner to search giants or forges its own path remains to be seen.

Meta AI promises a brand new way to search and interact with information.  Do you think this AI assistant will change the way we use social media? Share your thoughts in the comments below! 

Continue Reading

Emerging Startup Stories

Suki: This Startup Wants To Transform Healthcare With Its Artificial Intelligence Tool

Published

on

Suki: This Startup Wants To Transform Healthcare With Its Artificial Intelligence Tool

We live in a rapidly transforming era where humanity is making exponential leaps in technology.  Thirty years ago, no one would have believed you could talk to an online voice assistant to create tasks and get things done.  Ten years ago, no one would have believed humanity would land robots on Mars.  Technology truly has improved the quality of living of every human who owns a smartphone and has access to an internet connection.  Voice assistants are slowly replacing manual tasks and making lives easier and efficient.  Siri, Alexa, Google Voice Assistant are just some of the widely used artificial intelligence based tools which are employed on a daily basis.  Artificial intelligence, which is hailed as the technology of the future is now slowly making its way into much more complex domains like self driving vehicles, quantum computing and also health care.

Suki, a United States of America based startup founded by Punit Soni, developed their own voice assistant which runs on artificial intelligence to simplify healthcare for doctors and other healthcare professionals.  In simple terms, Suki is akin to Siri for doctors.  While you could order a pizza or schedule an appointment on Siri, doctors could modify, edit and add health records of their patients.  Suki is a powerful tool to help doctors with documentation of health records which often take hours of their (doctors) time.  

Suki currently focuses on documentation but has the potential to expand its usage to data queries, ordering, prescribing and billing.  According to a white paper published by Suki, using its technology increases the time a doctor spends with a patient by 12% by cutting note taking time by 76%.  The time which is saved also brings in a financial benefit of $30,000 more in revenue a year on average for doctors.  

Suki raised a $ 20 million Series B round from Flare Capital Partners, First Round Capital, and Venrock, doubling its total funding to $ 40 million since its 2017 launch.  Suki is also looking to expand its reach in India and has decided to establish Bangalore as their base of operations.  India holds a lot of potential for Suki considering the amount of manual work which goes into almost any sector.  

It would be interesting to watch how Suki and other similar AI based startups would transform healthcare across the world.

Continue Reading

Latest News

Leher Versus Clubhouse: Which Audio Listening Startup Would You Choose?

Published

on

Leher Versus Clubhouse: Which Audio Listening Startup Would You Choose?,Startup Stories,Leher App Vs Clubhouse App - Which Audio Listening Startup Do You Prefer,Leher Versus Clubhouse,Leher App Vs Clubhouse App,Leher App Versus Clubhouse App,Leher,Clubhouse,Clubhouse App,Leher App,Leher App Is an Indian Alternative to Clubhouse

Clubhouse is a new type of social networking platform which is an audio only platform.  This means every conversation takes place through audio where users speak to let their thoughts known.  Users can create and host rooms where speakers will talk about a particular topic.  Originating in the Silicon Valley, Clubhouse attracted some major names onto its platform like Elon Musk, Evan Williams, Reddit co founder Alexis Ohanian, former Y Combinator President Sam Altman, AngelList co founder Naval Ravikant, Ashton Kuthcer, Oprah Winfrey, Drake, Kevin Hart and many others are some of the influential personalities who are on Clubhouse.  There is however a catch as Clubhouse is currently limited to iOS.

Leher is an Indian made alternative to Clubhouse and is a similar audio sharing and listening startup.  Leher also has video support unlike Clubhouse and is also available for both Android and iOS.  However, Leher does not have the biggest names in the world on its platform but it does have significant micro influencers and is growing at a rapid pace.  Within 180 days of its beta version launch, the company claimed to have its users spend about 44 minutes every day and 250,000 minutes per month for live video sessions.

We at Startup Stories are curious to see which among Leher or Clubhouse would our readers choose to take part in a virtual discussion.  Please let us know your answer in the poll below.

Which Audio Listening Startup Would You Choose?

Continue Reading
Advertisement

Recent Posts

Advertisement