Before FDI vote, govt faces FEMA rules roadbump

Comments 0
SummaryThe amendments are necessary to enable the government to notify the policy on FDI in retail

clear that he would move the resolution soon after the FEMA amendments are laid on the table of the House.

The amendments pertain to removing restrictions on trading in retail enshrined in the FEMA. A PIL in the Supreme Court had recently sought a stay on the FDI notification on the ground that the government would not be able to obtain parliamentary approval in the mandated 30 days after making the amendment.

While unwilling to interfere in policy matters, the Supreme Court had termed the petitioner’s fears as “premature”, and wondered why he thought the government would not be able to obtain Parliament’s approval. Relevant sections of the FEMA state that any amendment to the rules governing the Act must be tabled “as soon as possible”.

The convention, according to Yechury, is that “as soon as possible” means it is done before the 15th sitting of the session which follows the notification, which he has calculated to be on December 13.

Single Page Format
Ads by Google

More from Front Page

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...