Did Walmart Violate India Investment Rules?

India's top police agency has sent a letter to parliament claiming that Walmart (NYSE:WMT) has violated Indian rules governing foreign investment, according to a report from Reuters. The Central Bureau of Investigation (CBI) said in the letter that according to its analysis, Walmart's investment violated Reserve Bank of India guidelines and Foreign Exchange Management Act regulations. But it also said that such a violation does not fall within its jurisdiction. Walmart had been investigated for putting money into a retailer before the government opened the sector to global players in September 2012. It entered India in 2010 with a $100 million investment in a consultancy, Cedar Support Services, which was a retailer when it began its corporate life. Story

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