The Bengal Chamber of Commerce and Industry is concerned about the arrest of Mr. William S Pinckney, Managing Director of Amway India by Andhra Pradesh Police. The Bengal Chamber is concerned that this incident may have an impact on India’s Foreign Direct Investment. This incident is also likely to send out a wrong message to the multinational companies operating in India as well as potential foreign investors. Currently more than 30 Direct Selling Multinational Companies are having their operations in India, generating an annual revenue of more than INR 7100 crores. Globally there are more than 100 Direct Selling companies who are planning to expand their operations in the Indian Market.
The Direct Selling industry has been repeatedly seeking an amendment to the Prize Chits and Money Circulation Schemes (Banning) Act 1978 (PCMCS Act) and has been working with various industry bodies and the Government for the same.
The Bengal Chamber urges the Authorities to take note of the challenges faced by genuine
players in this industry and give clarity to create a conducive environment for the industry.