SC asks: Has FDI led to investments or is it a gimmick?

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SummaryVahanvati submitted that the policy was part of a series of reforms

after five weeks, it also asked PIL petitioner advocate M L Sharma to respond to the Centre’s affidavit.

The PIL had challenged a government circular issued on September 20, allowing FDI in multi-brand retail, contending it had no legal sanctity since the RBI had not brought about the required amendments in the 2000 regulation as per the Foreign Exchange Management Act.

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