SC deep freezes anti-retail FDI petition

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Agencies: New Delhi, Nov 05 2012, 19:15 IST

the FEMA regulations to allow implementation of the government's policy.

Sharma has said in his petition that that retail trading is strictly prohibited under the law of FEMA under which the power to come out with a circular is vested with the RBI which has not issued any regulation after 2008.

He has alleged in his PIL that the Centre's notification was issued without the authority of law as approval of neither the President nor the Parliament was secured.

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FDI in multi brand retail

Padmanabh Ranchhoddas Merchant | 06-Nov-2012Reply | Forward

On the one hand, Supreme Court(SC) admits that Policy making about FDI in retail is the prerogative of the Executive. At the same time, SC desires that the policy framed by the Government in respect of FDI be placed before the Parliament. Does this not sound contradictory?